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PharmAthene Reports Year End 2008 Financial Results
Date:3/30/2009

following the Avecia acquisition, as well as increased travel expenses, non-cash stock compensation expense, and legal and consulting expenses.

For the year ended December 31, 2008, the Company's net loss attributable to common shareholders was $36.4 million or $1.59 per share, compared to net loss attributable to common shareholders of $17.7 million or $1.88 per share in the same period of 2007.

As of December 31, 2008, available cash, cash equivalents and short term investments totaled $22.9 million, excluding restricted cash totaling $13.3 million. In addition, on March 27, 2009, the Company closed on the public sale of an aggregate of 2,116,055 newly issued shares of its common stock at $2.60 per share and warrants to purchase an aggregate of 705,354 shares of its common stock at an exercise price of $3.00 per share, resulting in aggregate gross proceeds of approximately $5.5 million.

"The past year represented an important phase in the Company's growth cycle, during which time we successfully executed on our milestones with the goal of transitioning from a product development company to one emphasizing procurement and delivery of next-generation medical countermeasures to the Strategic National Stockpile," said David P. Wright, President and Chief Executive Officer of PharmAthene.

"Our acquisition of Avecia's biodefense vaccines portfolio, completed in April 2008, created an expanded product portfolio that now includes five potential best-in-class, next generation product candidates, and important critical mass - particularly with respect to our anthrax franchise," continued Mr. Wright.

"We anticipate achieving important milestones in 2009 in each of these programs. We expect our on-going Phase I clinical trial of Protexia(R) to be completed this year. In addition, we also expect to commence a Phase I clinical trial of Valortim(R) in combination with antibiotics. Notably, w
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SOURCE PharmAthene, Inc.
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