Date:3/23/2010

development expenses for 2009 consisted primarily of research and development activities related to the Company's Valortim® and Protexia® development programs as well as to the SparVax^™, RypVax™ and third generation anthrax vaccine programs. The $1.6 million decrease in research and development expenses was primarily due to a reduction in preclinical development costs for the Protexia® program as the Company progressed in its clinical evaluation phase, and a reduction in development costs for its plague vaccine program, partially offset by increased preclinical development costs associated with the Company's anthrax-related therapeutics and vaccines programs.

General and administrative expenses were $22.4 million and $19.4 million for the years ended December 31, 2009 and 2008, respectively. The increase in general and administrative expenses was primarily due to costs associated with transitioning the Company's development and manufacturing activities for the SparVax^™ and third generation anthrax vaccine programs, along with other general and administrative functions from the UK to the United States, and with preparing and submitting various bids and proposals, along with increased non-cash, stock-based compensation costs during 2009.

For the year ended December 31, 2009, PharmAthene's net loss was

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