Paramount Acquisition Corp. Announces Chem Rx Expansion into Albany, New Y... (SEC on June 4 2007. ABOUT CHEM RX ...)

Paramount Acquisition Corp. Announces Chem Rx Expansion into Albany, New York Market

Date:9/5/2007

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 BioScie
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