PharmAthene in $5.5 million public equity offering

Annapolis, Maryland-based PharmAthene, Inc. (NYSE Amex: PIP), a biodefense company developing medical countermeasures against biological and chemical threats, announced that certain institutional investors have agreed to purchase approximately $5.5 million of its common stock and warrants in a registered public offering.

Under the terms of the purchase agreements, PharmAthene will sell an aggregate of 2,116,055 newly issued shares of its common stock at $2.60 per share and warrants to purchase an aggregate of 696,295 shares of its common stock at an exercise price of $3.00 per share. The warrants will be exercisable beginning on the six month anniversary of the closing date of the transaction and will expire five years from the date they become exercisable.

The financing is expected to close on or about 26 March 2009, subject to the satisfaction of customary closing conditions. The company intends to use the net proceeds from the transaction for general corporate purposes, including the satisfaction of existing obligations.

Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc. (NasdaqGM: RODM), served as lead placement agent, and Caris & Company served as co-placement agent for the offering, and WBB Securities, LLC acted as the Company’s financial adviser.

About PharmAthene, Inc.

PharmAthene was formed to develop and commercialize 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
• RypVax — a recombinant dual antigen vaccine for plague