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PharmAthene Appoints Eric I. Richman President and Chief Executive Officer
Date:10/21/2010

ANNAPOLIS, Md., Oct. 21 /PRNewswire-FirstCall/ -- PharmAthene, Inc. (NYSE Amex: PIP), a biodefense company developing medical countermeasures against biological and chemical threats, announced today that the Company's Board of Directors has appointed Eric I. Richman to the position of President and Chief Executive Officer, effective immediately.  Mr. Richman was previously appointed President and Interim Chief Executive Officer in May 2010, and prior thereto served as the Company's President and Chief Operating Officer.

John Pappajohn, Chairman of the Board of PharmAthene, commented, "Eric has done an exemplary job during his tenure as Interim CEO to strengthen our organizational performance and ensure PharmAthene is achieving operational excellence in all areas of our business.   As a seasoned biotech executive, we are confident that his dynamic and results-focused leadership style will continue to create strong shareholder value for the organization.  Along with the other members of the Board, I am delighted to confirm his appointment as PharmAthene's Chief Executive Officer."

"I am deeply honored by the Board's decision and the confidence they have placed in me, and look forward to working with the outstanding team of people at PharmAthene and our partners in the U.S. government to continue to achieve our objectives," commented Mr. Richman.  "I have great confidence in the future prospects of our Company.  With a strong biodefense portfolio encompassing urgently needed, next-generation medical countermeasures for anthrax and nerve agents, PharmAthene is committed to meeting the needs of the U.S. government to ensure the safety and well-being of Americans at home and on the battlefield."

Mr. Richman joined PharmAthene in October 2003, bringing extensive experience in the development and commercialization of novel biotechnology-based therapeutics. As a member of the founding team at MedImmune, he was responsible for the U.S. launch of MedImmune's first commercial product, CytoGam®, and was on the launch teams for its other products including the international launch of Synagis®. Prior to joining MedImmune, he began his career at HealthCare Ventures, a life-sciences focused venture capital firm. Mr. Richman served on the Board of Lev Pharmaceuticals and currently serves on the Board of ADMA Biologics and American Bank.

About PharmAthene, Inc.

PharmAthene was formed to meet the critical needs of the United States and its allies by developing and commercializing medical countermeasures against biological and chemical weapons. PharmAthene's lead product development programs include:

SparVax™ - a second generation recombinant protective antigen (rPA) anthrax vaccine

Third generation rPA anthrax vaccine

Valortim® - a fully human monoclonal antibody for the prevention and treatment of anthrax infection

Protexia® - a novel bioscavenger for the prevention and treatment of morbidity and mortality associated with exposure to chemical nerve agents

For more information about PharmAthene, please visit www.PharmAthene.com.

Statement on Cautionary Factors

Except for the historical information presented herein, matters discussed may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Statements that are not historical facts, including statements preceded by, followed by, or that include the words "potential"; "believe"; "anticipate"; "intend"; "plan"; "expect"; "estimate"; "could"; "may"; "should"; or similar statements are forward-looking statements. PharmAthene disclaims, however, any intent or obligation to update these forward-looking statements. Risks and uncertainties include risk associated with the reliability of the results of the studies relating to human safety and possible adverse effects resulting from the administration of the Company's product candidates, unexpected funding delays and/or reductions or elimination of U.S. government funding for one or more of the Company's development programs, the award of government contracts to our competitors, unforeseen safety issues, challenges related to the development, scale-up, technology transfer, and/or process validation of manufacturing processes for our product candidates, unexpected determinations that these product candidates prove not to be effective and/or capable of being marketed as products, as well as risks detailed from time to time in PharmAthene's Forms 10-K and 10-Q under the caption "Risk Factors" and in its other reports filed with the U.S. Securities and Exchange Commission (the "SEC").

Copies of PharmAthene's public disclosure filings are available from its investor relations department and our website under the investor relations tab at www.PharmAthene.com.


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SOURCE PharmAthene, Inc.
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