Full Press Release Details
Altimmune Completes Merger with PharmAthene
Creating Immunotherapeutics Company Targeting Infectious Diseases
Gaithersburg, MD, May 4, 2017 - Altimmune,
Inc. (Nasdaq: ALT) announced today the completion of its merger with PharmAthene, Inc., effective May 4, 2017. Upon the completion
of the merger, the combined company was renamed Altimmune, Inc., and will commence trading on The NASDAQ Capital Market under the
ticker symbol "ALT" on May 5, 2017. The combined company is a fully integrated and diversified immunotherapeutics company
with one preclinical-stage and four clinical-stage drug-development programs.
Bill Enright, President and Chief Executive
Officer of Altimmune, and Elizabeth Czerepak, Chief Financial Officer and Executive Vice President of Corporate Development of
Altimmune, will serve in their respective positions in the combined company. The new board of directors will be initially comprised
of three PharmAthene directors and four Altimmune directors. The combined company's headquarters is located in Gaithersburg,
Additionally, the company announced that
immediately prior to the merger, it effectuated a 1-for-10 reverse stock split of outstanding shares of its common stock. As a
result of the reverse stock split, each 10 shares of common stock outstanding immediately prior to the merger were converted into
one share of common stock.
Mr. Enright stated: "We congratulate
and thank the employees and shareholders of both companies for their approval of this merger, which will bring together complementary
vaccine development programs and allow us to leverage our substantial financial and human resources effectively in support of these
Altimmune will focus its drug-development
activities on the following proprietary vaccine candidates:
About Altimmune, Inc.
Altimmune is a clinical-stage immunotherapeutics
company focused on the development of products to stimulate robust and durable immune responses for the prevention and treatment
of disease and on the development of two next-generation anthrax vaccines that are intended to improve protection and safety while
having favorable dosage and storage requirements compared to other anthrax vaccines. The company has two proprietary platform technologies,
RespirVec and Densigen, each of which has been shown to activate the immune system in distinctly different ways than traditional
Forward-Looking Statement
Any statements made in this press release
relating to future financial or business performance, conditions, plans, prospects, trends, or strategies and other financial and
business matters, including without limitation, the amount of Altimmune's net cash, the prospects for commercializing or selling
any product or drug candidates, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act
of 1995. In addition, when or if used in this press release, the words "may," "could," "should,"
"anticipate," "believe," "estimate," "expect," "intend," "plan,"
"predict" and similar expressions and their variants, as they relate to PharmAthene, Altimmune or the management of
either company, before or after the aforementioned merger, may identify forward-looking statements. The company cautions that these
forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time. Important factors
that may cause actual results to differ materially from the results discussed in the forward looking statements or historical experience
include risks and uncertainties, including the failure by Altimmune to secure and maintain relationships with collaborators; risks
relating to clinical trials; risks relating to the commercialization, if any, of Altimmune's proposed product candidates (such
as marketing, regulatory, product liability, supply, competition, and other risks); dependence on the efforts of third parties;
dependence on intellectual property; and risks that Altimmune may lack the financial resources and access to capital to fund proposed
operations. Further information on the factors and risks that could affect Altimmune's business, financial conditions and results
of operations are contained in the company's filings with the U.S. Securities and Exchange Commission, which are available