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PharmAthene Reports Third Quarter 2010 Financial and Operational Results
Date:11/11/2010

the Company's Valortim® anthrax anti-toxin and chemical nerve agent bioscavenger programs, as well as the completion of all activities in the Company's plague program, partially offset by increased activity under the SparVax™ anthrax vaccine program.  In addition, the decrease in research and development costs for the nine months ended September 30, 2010 also reflects the inclusion of a one-time $3.0 million Avecia termination fee in the second quarter of 2009.

Expenses associated with general and administrative functions were $3.2 million in the third quarter of 2010 compared to $6.2 million in the same period in 2009.  Expenses associated with general and administrative functions were $12.6 million and $15.8 million for the nine months ended September 30, 2010 and 2009, respectively.  

General and administrative expenses decreased approximately $3.0 million for the three months ended September 30, 2010, and approximately $3.2 million for the nine months ended September 30, 2010, as compared to the prior year periods.  These decreases were the net result of a corporate wide cost reduction program which included reductions in personnel expenses, professional services, and non cash stock-based compensation.

For the third quarter of 2010, PharmAthene's net loss attributable to common shareholders was $4.3 million or $0.14 per share, compared to $14.0 million or $0.50 per share in the same period of 2009.  For the nine months ended September 30, 2010, the Company's net loss attributable to common shareholders was $18.7 million or $0.62 per share, compared to $26.6 million or $0.97 per share in the same period of 2009.

As of September 30, 2010, the Company had cash and cash equivalents, restricted cash, short-term investments, and US government account receivables and other receivables totaling approximately $11.5 million as compared to $23.2 million at December 31, 2009.   In November 2010, PharmAthe
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Related biology technology :

1. PharmAthene Receives Four Therapeutic Discovery Project Grants Totaling Approximately $850,000
2. PharmAthene Announces Pricing of $15 Million Public Offering
3. PharmAthene Announces Proposed Common Stock Offering
4. PharmAthene Announces $3.9 Million Registered Direct Offering
5. PharmAthene CEO To Participate on Biosecurity Panel at the 2010 BIO International Conference
6. PharmAthene Appoints Mitchel Sayare, Ph.D. to the Companys Board of Directors
7. PharmAthene Reports Year-End 2009 Financial and Operational Results and Provides Update On Ongoing Litigation With SIGA Technologies
8. 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
9. PharmAthene to Host Year-End 2009 Earnings Conference Call and Webcast on Tuesday, March 23, 2010
10. PharmAthene to Present at the 2010 Roth Capital Markets Growth Stock Conference on Monday, March 15, 2010
11. PharmAthene Submits White Paper to BARDA for Advanced Development Funding for SparVax(TM) - Novel Recombinant Protective Antigen Anthrax Vaccine
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