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PharmAthene to Provide Update on SparVax(TM) Contract Modification Suspension During Year-End 2009 Financial and Operational Results Conference Call on Tuesday March 23, 2010
Date:3/22/2010

ANNAPOLIS, Md., March 22 /PRNewswire-FirstCall/ -- PharmAthene, Inc. (NYSE Amex: PIP), a biodefense company developing medical countermeasures against biological and chemical threats, announced today that in addition to its year end results, it will provide an update on the contract modification suspension it received on Friday, March 19, 2010.

PharmAthene is pursuing various options to move forward under the contract modification announced on February 23, 2010 to its existing contract with BARDA for the research and development of SparVax™ pending a final ruling under the protest.  The Company is confident that the protest is without merit and that the contract modification will be upheld.  While the protest is being resolved, all work under the current contract for the development of SparVax™, including prior modifications, will continue uninterrupted.  

Anthrax remains the foremost biological threat to the nation, and the government's Requirement to procure a recombinant anthrax vaccine for the Strategic National Stockpile, which remains unfulfilled, is an important national security priority. The Company continues to believe that SparVax represents the most advanced rPA vaccine candidate under development.   Phase II human clinical studies suggest tha
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