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PharmAthene Reports Year End 2008 Financial Results

e award of government contracts to our competitors, unforeseen safety issues, challenges related to the development, scale-up, and/or process validation of manufacturing processes for our product candidates, unexpected determinations that these product candidates prove not to be effective and/or capable of being marketed as products, as well as risks detailed from time to time in PharmAthene's Forms 10-K and 10-Q under the caption "Risk Factors" and in its other reports filed with the U.S. Securities and Exchange Commission (the "SEC").

Copies of PharmAthene's public disclosure filings are available from its investor relations department and our website under the investor relations tab at

                                PHARMATHENE, INC.
                          CONSOLIDATED BALANCE SHEETS

                                                      December 31,
                                                  2008           2007

    Current assets:
        Cash and cash equivalents           $19,752,404    $40,582,643
        Restricted Cash                      12,000,000              -
        Short-term investments                3,190,912     12,153,945
        Accounts receivable                   8,890,077      4,005,694
        Other receivables                     1,391,512      1,240,069
        Prepaid expenses and other
         current assets                         917,125        492,294

    Total current assets                     46,142,030     58,474,645

    Long-term restricted cash                 1,250,000              -
    Property and equipment, net               5,313,219      6,571,024
    Patents, net                                925,489      1,312,991
    Other long term assets                      220,531        183,588
    Deferred costs                       
SOURCE PharmAthene, Inc.
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