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PharmAthene Announces $6.5 Million Registered Direct Offering
Date:6/10/2011

ANNAPOLIS, Md., June 10, 2011 /PRNewswire/ -- PharmAthene, Inc. (NYSE Amex: PIP), a biodefense company developing medical countermeasures against biological and chemical threats, announced today that it has entered into subscription agreements with certain institutional investors to sell approximately $6.5 million of its common stock and warrants in a registered direct offering.

Under the terms of the subscription agreements, at closing, PharmAthene will sell an aggregate of 1,857,143 units for a purchase price of $3.50 per unit, with each unit consisting of one share of  common stock and one warrant to purchase 0.2 of a share of common stock.  The warrants will have a five year term and will be immediately exercisable at an exercise price of $3.50 per share.

The offering is expected to close on or about June 15, 2011 subject to the satisfaction of customary closing conditions. The net proceeds are expected to be approximately $5.8 million after placement agent fees and other offering expenses.  PharmAthene intends to use the net proceeds from the offering for general corporate purposes.

Leerink Swann is serving as lead placement agent with Noble Financial Capital Markets serving as co-placement agent in the offering. The securities described above are being offered by PharmAthene pursuant to a registration statement previously filed and declared effective by the Securities and Exchange Commission.  Additional information and details with respect to the offering are included in a prospectus supplement that PharmAthene has filed with the Securities and Exchange Commission. The registration statement and prospectus supplement may be obtained from the Securities and Exchange Commission's website at www.sec.gov. This press release does not constitute an offer to sell, nor is it a solicitation of an offer to buy an
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SOURCE PharmAthene, Inc.
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