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PharmAthene Announces Closing of $15 Million Public Offering
Date:11/3/2010

ANNAPOLIS, Md., Nov. 3, 2010 /PRNewswire-FirstCall/ -- PharmAthene, Inc. (NYSE Amex: PIP) a biodefense company developing medical countermeasures against biological and chemical threats, today announced that it has closed its previously announced registered public offering of 4,300,000 shares of its common stock at a price to the public of $3.50 per share.

The Company expects that the offering will yield proceeds, before expenses, of approximately $14.1 million and intends to use the net proceeds of the offering for repayment of debt and general corporate purposes.

Simultaneously with the closing, certain of the Company's affiliates, officers and directors, including its Chief Executive Officer, who own 10% convertible senior notes of the Company due July 2011, converted their notes into an aggregate of approximately 3.4 million shares of the Company's common stock.  These converting noteholders will be receiving cash payments from the proceeds of this offering of approximately $566,000 in the aggregate, corresponding to the interest they would have accrued following conversion had they held the notes to maturity.

Roth Capital Partners, LLC served as sole underwriter for the offering. Noble Financial Capital Markets served as the Company's financial advisor in connection with the offering. In connection with the offering, the Company also granted the underwriter a 30-day option to purchase up to an additional 645,000 shares to cover over-allotments, if any.

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 on February 13, 2009. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer
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SOURCE PharmAthene, Inc.
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