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PharmAthene and Panacea Biotec Ltd. Establish Strategic Alliance in Biodefense and Emerging Infectious Diseases
Date:9/30/2008

registered under the Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. PharmAthene has agreed to file a registration statement under the Securities Act to register the shares of common stock to be issued at closing and upon any exercise of the warrants for public resale from time to time in the future. There can be no assurances that the registration statement will be declared effective. The information contained in this press release does not constitute an offer for the sale of any securities.

About PharmAthene, Inc.

PharmAthene was formed to meet the critical needs of the United States and its allies by developing and commercializing medical countermeasures against biological and chemical weapons. PharmAthene's lead product development programs include:

-- SparVax(TM) - a second generation recombinant protective antigen (rPA)

anthrax vaccine

-- Third generation rPA anthrax vaccine

-- Valortim(R) - a fully human monoclonal antibody for the prevention and

treatment of anthrax infection

-- Protexia(R) - a novel bioscavenger for the prevention and treatment of

morbidity and mortality associated with exposure to chemical nerve

agents

-- RypVax(TM) - a recombinant dual antigen vaccine for plague

For more information about PharmAthene, please visit http://www.PharmAthene.com.

About Panacea Biotec Ltd.

Panacea Biotec is an Indian research-based health management company with established research, manufacturing and marketing capabilities. Panacea Biotec's product portfolio includes innovative prescription products in important therapeutic areas such as pain management, diabetes management, renal-disease management, anti-osteoporosis, anti-tubercualar, gastro-intestinal c
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SOURCE PharmAthene, Inc.
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1. Hearing Scheduled in the Delaware Court of Chancery for August 27, 2007 to Establish the Valid Approval and Consummation of the Merger Between PharmAthene, Inc. and Healthcare Acquisition Corp.
2. Proceedings to Affirm Merger Between PharmAthene and Healthcare Acquisition Corp Initiated in Delaware Chancery Court
3. PharmAthene Named as Contractor in $13.9 Million Award Notice Published by the Department of Health and Human Services
4. Delaware Court Denies Motion by SIGA Technologies Seeking to Dismiss PharmAthenes Legal Action in Breach of Contract Lawsuit Against SIGA
5. PharmAthene to Present at the BIO CEO & Investor Conference 2008
6. PharmAthene Enhances Executive Leadership Team and Appoints Joan Fusco, Ph.D. Senior Vice President of Operations
7. PharmAthene Completes Pharmacokinetic Studies of Protexia(R); Program on Target for IND Filing in 2008
8. PharmAthene to Present at the Cowen and Company 28th Annual Health Care Conference
9. PharmAthene Signs Definitive Agreement to Acquire Biodefense Vaccines Business From Avecia
10. PharmAthene to Delay Release of Full Year 2007 Financial Results
11. PharmAthene Year-End 2007 Earnings Conference Call and Webcast Scheduled for Monday, March 31, 2008
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