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Paramount Acquisition Corp. Announces Chem Rx Expansion into Albany, New York Market
Date:9/5/2007

NEW YORK, Sept. 5 /PRNewswire-FirstCall/ -- Paramount Acquisition Corp. (OTC Bulletin Board: PMQC, PMQCU, PMQCW), a special purpose acquisition corporation, announced today that Chem Rx has expanded into the Albany, New York market by acquiring the operations of an Albany-based long term care pharmacy from an affiliate of Eden Park Health Services, Inc. In connection with the transaction, which was consummated on August 27, 2007, Chem Rx assumed the existing pharmacy facility lease and acquired certain assets and liabilities including inventory, equipment and service contracts with Eden Park nursing homes in Catskill, New York and Glens Falls, New York. Chem Rxis also servicing an Eden Park nursing home facility in Utica, New York. Chem Rx has retained the seller's employees to run facility operations. Chem Rx intends to service certain of its existing customers from the Albany pharmacy as well as grow its presence in the New York capital region. As a result of this transaction, Chem Rx is servicing approximately 370 beds in the three Eden Park facilities and operating out of a 5,000 square foot facility in Albany.

Jerry Silva, R. Ph, President and CEO of Chem Rx, said, "Our new presence in Albany will allow us to better serve some of our existing customers outside the New York metropolitan area and bring our high quality of service to new customers in a geographic region that we have not previously been able to reach."

J. Jay Lobell, CEO of Paramount Acquisition Corp., said "Chem Rx continues to move forward with its strategic objectives and has demonstrated its ability to expand its offerings into markets previously untapped by the company. This new facility will help Chem Rx further fortify its position as a market leader in the State of New York."

Paramount previously announced its proposed acquisition of Chem Rx, in a press release dated June 4, 2007 which is available as part of the Current Report on Form 8-K originally filed with the SEC on June 4, 2007.

ABOUT CHEM RX

Founded more than 40 years ago, Chem Rx is a major, privately-owned long- term care pharmacy serving the New York City metropolitan area, as well as parts of New Jersey and Pennsylvania. Chem Rx's client base includes skilled nursing facilities and a wide range of other long-term care facilities. Chem Rx provides to more than 60,000 residents prescription and non-prescription drugs, intravenous medications, durable medical equipment items and surgical supplies. Chem Rx's website address is http://www.chemrx.net.

ABOUT PARAMOUNT ACQUISITION CORP.

Paramount Acquisition Corp. is a special purpose acquisition corporation that was formed for the specific purpose of effecting a merger, capital stock exchange, asset acquisition, or other similar business combination with an operating business in the healthcare industry. Paramount raised net proceeds of approximately $53 million through its initial public offering consummated in October 2005 and exercise of the over-allotment option, and has dedicated

its attention since the offering to seeking and evaluating business combination opportunities.

Paramount Acquisition Corp. is an affiliate of Paramount BioSciences, LLC, which focuses primarily on the development of promising in-licensed drug candidates. Founded in 1991 by Lindsay A. Rosenwald, M.D., Paramount BioSciences is a unique drug development and health care financial company that, with the assistance of its affiliated life sciences merchant bank, has created approximately 50 start-up companies over the past fifteen years, about half of those over the past four years alone. Since its inception, Paramount BioSciences and its affiliated companies have been involved in the clinical development of more than seventy drug candidates -- several of which have reached the market -- and have over forty compounds in clinical development today. Paramount BioSciences has extensive experience in all facets of the development of emerging life sciences companies and provides its portfolio companies a wide range of professional and financial support services.

Cautionary Statements

This press release contains forward-looking statements about Paramount, Chem Rx and their combined business after completion of the proposed business combination. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are based upon the current beliefs and expectations of Paramount's management and are subject to risks and uncertainties that could cause actual results to differ from the forward- looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: compliance with government regulations; changes in legislation or regulatory environments; requirements or changes adversely affecting the health care industry, including changes in Medicare reimbursement policies; fluctuations in customer demand; management of rapid growth; intensity of competition; timing, approval and market acceptance of new product introductions; general economic conditions; geopolitical events and regulatory changes, as well as other relevant risks detailed in Paramount's filings with the SEC, including its Annual Report on Form 10-KSB for the year ended December 31, 2006. The information set forth herein should be read in light of such risks. Paramount does not assume any obligation to update the information contained in this press release.

Additional information concerning the transaction is included in the preliminary proxy statement originally filed by Paramount with the SEC on June 18, 2007, and amended on August 13, 2007, and the Current Report on Form 8-K originally filed on June 4, 2007, and amended on July 2, 2007, by Paramount with the SEC. STOCKHOLDERS OF PARAMOUNT AND OTHER INTERESTED PERSONS ARE ADVISED TO READ THE PRELIMINARY PROXY STATEMENT AND, WHEN AVAILABLE, PARAMOUNT'S DEFINITIVE PROXY STATEMENT IN CONNECTION WITH THE SOLICITATION OF PROXIES FOR THE SPECIAL MEETING BECAUSE THESE PROXY STATEMENTS WILL CONTAIN IMPORTANT INFORMATION. Such persons may also read Paramount's final prospectus, dated October 21, 2005, as well as its periodic reports for more information about Paramount, its officers and directors and their interests in a successful completion of a business combination. The definitive proxy statement will be mailed to stockholders as of a record date to be established for voting on the transaction. Stockholders will also be able to obtain a copy of the definitive proxy statement, without charge, once available, as well as Paramount's final prospectus and periodic reports, at the SEC's Internet site http://www.sec.gov or by directing a request to Paramount Acquisition Corp., 787 7th Avenue, 48th Floor, New York, NY 10019. As a result of the review by the SEC of the preliminary proxy statement, Paramount may be required to make changes to its description of Chem Rx's business or other information contained in the proxy statement.

Paramount, Chem Rx and their respective officers and directors may be deemed to be participants in the solicitation of proxies from Paramount's stockholders with respect to the transaction. More detailed information regarding the direct and indirect interests of Paramount, Chem Rx and their respective officers and directors in the proposed transaction are included in the proxy statement.

Contacts:

J. Jay Lobell Stephanie Carrington /

Chief Executive Officer & Elizabeth Scott

Secretary The Ruth Group

Paramount Acquisition Corp. 646-536-7017 / 7014

(212) 554-4522 scarrington@theruthgroup.com

jlobell@paramountbio.com escott@theruthgroup.com


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SOURCE Paramount Acquisition Corp.
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