PharmAthene Announces Further Progress In Development Of Its SparVax™ Anthrax Vaccine Program

PharmAthene Announces Further Progress In Development Of Its SparVax™ Anthrax
                               Vaccine Program

Completes Release of Final Drug Product

PR Newswire

ANNAPOLIS, Md., June 14, 2012

ANNAPOLIS, Md., June 14, 2012 /PRNewswire/ -- PharmAthene, Inc. (NYSE Amex:
PIP) today announced additional development progress of itsnext generation
rPA anthrax vaccine, SparVax™, which is being developed to provide protection
against anthrax exposure during a national security emergency. Following on
the successful cGMP manufacturing of SparVax™ at full commercial scale, the
Company has now completed final analytical testing and release of the final
drug product in pre-filled syringes for future clinical evaluation.

Dr. Thomas Fuerst, Executive Vice President and Chief Scientific Officer
commented, "This latest achievement represents another major step forward for
our SparVax™ program. We now know that SparVax™ manufactured in the United
States meets all of the specifications and potency metrics necessary to begin
clinical studies. SparVax™ has previously been evaluated in two separate Phase
II clinical trials involving approximately 770 subjects. This latest Phase II
trial, which we expect will commence in thesecond halfof this year, will be
a dose-ranging and schedule study designed to evaluate the safety and
immunogenicity of SparVax™ in approximately 300 healthy subjects."

A key differentiator for PharmAthene's rPA technology platform is the
utilization of E. coli. This technology enables a more robust manufacturing
process and the capability of annually producing more than 150 million rPA
vaccine equivalent doses of bulk drug substance (at a 50 mcg dose) – a
substantial improvement in rPA production yield compared to the first
generation anthrax vaccine.

PharmAthene's rPA anthrax vaccine program has been funded in whole or in part
with Federal funds from the National Institute of Allergy and Infectious
Disease, National Institutes of Health and the Biomedical Advanced Research
and Development Authority.

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:

  oSparVax™ - a second generation recombinant protective antigen (rPA)
    anthrax vaccine
  oValortim® - a fully human monoclonal antibody for the prevention and
    treatment of anthrax infection
  orBChE - a novel bioscavenger for the prevention and treatment of morbidity
    and mortality associated with exposure to chemical nerve agents

In addition, pursuant to an opinion issued September 22, 2011 from the
Delaware Court of Chancery, PharmAthene is entitled to 50% of the profits over
10 years from all sales of SIGA Technologies' ST-246 - a novel smallpox
antiviral agent being developed by SIGA for the treatment and prevention of
morbidity and mortality associated with exposure to the causative agent of
smallpox (once SIGA earns $40 million in net profits from sales of ST-246).

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"; "will"; "project"; "potential"; or similar statements are
forward-looking statements. PharmAthene disclaims any intent or obligation to
update these forward-looking statements other than as required by law. 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, challenges related to the implementation of our
NYSE Amex compliance plan, 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"). In particular, at this point there can be no assurance that
PharmAthene's rPA product candidate will be shown to be safe and effective and
approved by regulatory authorities for use in humans. 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.

SOURCE PharmAthene, Inc.