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PharmAthene Completes Previously Announced Registered Direct Offering
Date:7/23/2010

ANNAPOLIS, Md., July 23 /PRNewswire-FirstCall/ -- PharmAthene, Inc. (NYSE Amex: PIP), a biodefense company developing medical countermeasures against biological and chemical threats, announced today that it has completed the sale of $3.9 million of its common stock and warrants to a single existing institutional investor in a registered public offering.  The offering was previously announced on July 20, 2010.  

Under the terms of the purchase agreement, PharmAthene sold an aggregate of 2,785,714 newly issued shares of its common stock at $1.40 per share and warrants to purchase an aggregate of 1,323,214 shares of its common stock at an exercise price of $1.63 per share, the closing price of PharmAthene's common stock on July 19, 2010.  The warrants will be exercisable beginning on January 23, 2011 and will expire on January 23, 2017.

The Company intends to use the net proceeds of the offering for general corporate purposes.  

Roth Capital Partners, LLC served as sole placement agent for the offering.  Noble Financial Capital Markets served as the Company's financial advisor in connection with 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.  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 s
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SOURCE PharmAthene, Inc.
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