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PharmAthene and Medarex Announce Additional $0.8 Million U.S. Government Appropriation for Continued Development of Anthrax Therapeutic Valortim(TM)
Date:11/6/2007

ANNAPOLIS, Md. and PRINCETON, N.J., Nov. 6 /PRNewswire-FirstCall/ -- PharmAthene, Inc. (Amex: PIP), a biodefense company developing medical countermeasures against biological and chemical threats, and Medarex, Inc. (Nasdaq: MEDX), a leading monoclonal antibody company, today announced that the FY 2008 Department of Defense (DoD) appropriations bill includes $0.8 million payable to PharmAthene on a cost reimbursement basis to support ongoing development of Valortim(TM), a fully human monoclonal antibody generated by Medarex's UltiMAb(R) technology that is being co-developed by the two companies. This is the third consecutive year in which PharmAthene has received appropriations funding for Valortim.

"The latest DoD appropriations funding will be used to support further study of Valortim in a promising new animal model of anthrax infection," commented Matthew G. Meldorf, M.D., Senior Program Director for Valortim at PharmAthene. The new model, which is being developed at the United States Army Medical Research Institute of Infectious Diseases (USAMRIID), seeks to improve on existing therapeutic models for anthrax by closely monitoring the disease process to establish the presence of anthrax bacteremia and to determine the optimal window for therapeutic intervention.

"It is currently very difficult to evaluate the therapeutic effect of new treatments because the mortality rate is very high and the time-course from anthrax exposure to death is quite rapid in existing an
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SOURCE PharmAthene, Inc.
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