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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

gy transfer, and/or process validation of manufacturing processes for our product candidates, unexpected determinations that these product candidates prove not to be effective and/or capable of being marketed as products, as well as risks detailed from time to time in PharmAthene's Forms 10-K and 10-Q under the caption "Risk Factors" and in its other reports filed with the U.S. Securities and Exchange Commission (the "SEC").  In particular, while the Company believes that the protest to the recent modification to the Company's existing contract with BARDA for the research and development of SparVax™ is unlikely to be sustained, if the GAO were to rule in favor of the protestor, such a ruling could have a material adverse effect on the financial position and operations of the Company.  In addition,, significant additional research work, non-clinical animal studies, human clinical trials, and manufacturing development work remain to be completed for SparVax.. At this point there can be no assurance that this product candidate will be shown to be safe and effective and approved by regulatory authorities for use in humans. Copies of PharmAthene's public disclosure filings are available from its investor relations department and our website under the investor relations tab at www.PharmAthene.com.

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