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

37,092 68,884 Goodwill 2,502,909 - Total assets $56,391,270 $66,611,132 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities: Accounts payable $3,870,871 $1,393,664 Accrued expenses and other liabilities 14,624,757 3,602,886 Convertible notes 13,377,505 - Current portion of long term debt 4,000,000 4,000,000 Total current liabilities 35,873,133 8,996,550 Other long term liabilities 626,581 374,040 Long-term debt 928,117 16,668,458 Total liabilities 37,427,831 26,039,048 Stockholders' deficit: Common stock, $0.0001 par value; 100,000,000 shares authorized; 25,890,143 and 22,087,121 shares issued and outstanding at December 31, 2008 and 2007, respectively; 2,589 2,209 Additional paid-in capital 142,392,163 126,490,647 Accumulated other comprehensive income (loss) 386,351 1,481,779 Accumulated deficit (123,817,664) (87,402,551) Total stockholders' equity 18,963,439 40,572,084 Total liabilities and stockholders' equity $56,391,270 $66,611,132

                                 PHARMATHENE, INC.
                      CONSOLIDATED STATEMENTS OF OPERATIONS

                                                Year ended December 31,
                                              2008                  2007

    Contract revenue                    $32,821,526           $14,624,595
    Other revenue                            8
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SOURCE PharmAthene, Inc.
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