Date:3/30/2009

9,802 19,020 32,911,328 14,643,615 Operating expenses: Research and development 31,812,431 16,559,670 General and administrative 19,397,532 13,882,023 Acquired in-process research and development 16,131,002 - Depreciation and amortization 813,891 705,370 Total operating expenses 68,154,856 31,147,063 Loss from operations (35,243,528) (16,503,448) Other income (expense): Interest income 1,225,471 1,122,565 Gain on extinguishment of debt - 886,963 Other income 58,106 - Interest expense (2,573,406) (2,122,624) Change in market value of derivative instruments 118,244 3,029,241 Total other income (expense) (1,171,585) 2,916,145 Net loss (36,415,113) (13,587,303) Accretion of redeemable convertible preferred stock to redemptive value - (4,133,733) Net loss attributable to common shareholders $(36,415,113) $(17,721,036) Basic and diluted net loss per share $(1.59) $(1.88) Weighted average shares used in calculation of basic and diluted net loss per share 22,944,066 9,442,885

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SOURCE PharmAthene, Inc. Copyright©2009 PR Newswire. All rights reserved

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