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PharmAthene Provides Update on NYSE Amex Listing Compliance Plan
Date:7/30/2010

ANNAPOLIS, Md., July 30 /PRNewswire-FirstCall/ -- PharmAthene, Inc. (NYSE Amex: PIP), a biodefense company developing medical countermeasures against biological and chemical threats, today announced that on July 26, 2010 it received a letter from the NYSE Amex LLC, stating that PharmAthene is not in compliance with the continued listing standards specified in Sections 1003(a)(i), (ii) and (iii) of the NYSE Amex Company Guide, because it has stockholders' equity of less than $2.0 million, $4.0 million and $6.0 million and losses from continuing operations and/or net losses in two of its three most recent fiscal years, three of its four most recent fiscal years and its five most recent fiscal years, respectively.  

Under Section 1003(a) of the Company Guide, the NYSE Amex would not normally consider suspending dealings in, or removing from listing, the securities of an issuer which is below the minimum stockholders' equity requirements if the issuer sustains a total market capitalization of at least $50 million, among other things.  PharmAthene's market capitalization, as defined by NYSE Amex rules and using the closing share price on July 27, 2010 of $1.45, is approximately $47.6 million.

The NYSE Amex stated in its letter that in order to maintain its listing, PharmAthene must submit a plan by August 26, 2010, addressing how it intends to regain compliance with Sections 1003(a)(i), (ii) and (iii) of the Company Guide by
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SOURCE PharmAthene, Inc.
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