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PharmAthene Appoints Eric I. Richman as Interim Chief Executive Officer

Monday, May 3, 2010 General News J E 4
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ANNAPOLIS, Md., May 3 PharmAthene, Inc. (NYSE Amex: PIP), a biodefense company developing medical countermeasures against biological and chemical threats, today announced that the Company's Board of Directors has appointed Eric I. Richman to the position of Interim Chief Executive Officer replacing David Wright, who has submitted his resignation.

"PharmAthene's Board of Directors is pleased to appoint Eric Richman as the Company's new Interim Chief Executive Officer, rounding out our recent strong additions to the PharmAthene team. His tireless work ethic and dedication to both quality management and creating strong shareholder value make him the ideal candidate to replace David Wright as our new interim CEO," said PharmAthene Chairman, John Pappajohn. "The PharmAthene Board is united in our belief that Eric Richman's dynamic leadership provides the company with the critical tools required to reach our full potential."

"I am honored by the confidence placed in me by our Board of Directors. My first priority is to ensure we are achieving outstanding operational excellence in all areas of our business. Recent additions to our Board and executive team have significantly strengthened our leadership structure and added important incremental functional expertise to our organization," remarked Mr. Richman.

"Dr. Thomas Fuerst, who joined us in April, is a seasoned biotechnology leader with over 20 years of experience in the research, development and manufacturing of biological products. Formerly, Director, Vaccines and Biologics and subsequently Senior Science and Technology Advisor for the U.S. Department of Health and Human Services, Tom brings specialized expertise in medical countermeasures development that will be very beneficial to our success," continued Mr. Richman. "In addition, we were pleased to welcome Dr. Mitchel Sayare and Dr. Jeff Runge to the Board. Dr. Sayare, former Chief Executive Officer of ImmunoGen, Inc., brings deep operational expertise in biotechnology, and Dr. Runge, former Assistant Secretary for Health Affairs and Acting Undersecretary for Science and Technology at the U.S. Department of Homeland Security, has strong familiarity with the government's requirements for biodefense. I very much look forward to working with this exceptional group of individuals to fulfill our mission of becoming the leading provider of urgently needed best-in-class medical countermeasures for the nation."

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(TM) - 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.

SOURCE PharmAthene, Inc.
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