Full Press Release Details
Phone: (410) 269-2610
PHARMATHENE PRESENTS NEW SPARVAX
AT THE BACILLUS - ACT 2013 INTERNATIONAL
ANNAPOLIS, MD - September 6, 2013
- PharmAthene, Inc. (NYSE MKT: PIP) announced today that new data from the Company's SparVax
next-generation anthrax vaccine program were presented in two separate oral presentations at the 2013 Bacillus - ACT international
anthrax conference in Victoria, British Columbia, Canada.
In a presentation entitled "Development
of an Immunopotency Assay as a Release and Stability Test for a Recombinant Protective Antigen (rPA) Anthrax Vaccine,"
Dr. Peter Fusco, Vice President, Immunobiology and Assay Development at PharmAthene, presented data showing the Company's
progress in developing a new functional assay to more accurately measure the stability and potency of rPA, an important requirement
for licensure by the United States Food and Drug Administration (FDA).
of stability has historically been a major stumbling block for other recombinant anthrax vaccine programs," said Dr.
Fusco. "Current potency assays, such as the Mouse Challenge Assay (MCA), are not optimal due to the inherent variability
of infectious challenge assays. There remains a clear need for a more practical and sensitive alternative for potency testing of
Dr. Fusco continued, "PharmAthene
has worked closely with the FDA and our partner, the Biomedical Advanced Research and Development Authority (BARDA), to develop
more robust assays for anthrax vaccine development. Recently, the FDA advised us that it has accepted the use of our Immunopotency
Assay (IPA) as a suitable replacement for the MCA. We are proud to be advancing technologies for next-generation
anthrax vaccine development that can provide a superior alternative to existing technologies."
In a second oral presentation entitled
"Development of Stability Assays for a Recombinant Protective Antigen Anthrax Vaccine," Dr. Bradford Powell,
Director of Analytical Sciences for PharmAthene, presented additional data on the Company's rPA assay development efforts.
The objective of these studies was to evaluate
supportive analytical assays to determine the potential correlation between the physicochemical structure and function of rPA.
In these experiments, Dr. Powell and his team evaluated the effects of forced degradation of rPA resulting from increases in temperature
and pH level. The data showed a trend suggesting a correlation between the structural and functional stability of rPA.
Dr. Powell commented, "By better
informing our understanding of how changes to the structure of the rPA molecule impacts its function, or potency, we can fulfill
an important requirement of the FDA and provide further confidence in the robustness of our stability data. The continuing refinement
of these supportive assays may lead to the development of faster, more cost-effective assays to gauge stability and potency of
are very encouraged about the opportunities for our SparVax anthrax vaccine program," remarked Eric
I. Richman, President and Chief Executive Officer. "The benefits of rPA-based anthrax vaccines are well-established and we
believe our program is at the forefront of efforts in this field. Most importantly, SparVax is expected to meet
a fundamental objective of Project BioShield, which was established to encourage the development and acquisition of newer medical
countermeasures that offer potential improvements in cost, convenience, safety and effectiveness for the U.S. government and its
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 BARDA.
Important Information about the Proposed
Merger with Theraclone Sciences, Inc.
This communication is being made in respect
of the proposed merger involving Theraclone and PharmAthene. On August 1, 2013, PharmAthene filed with the SEC a current report
on Form 8-K, which includes the merger agreement and related documents. PharmAthene expects to file shortly a registration statement
on Form S-4 with the SEC, which will contain a preliminary proxy statement/prospectus/consent solicitation and other relevant materials,
and plans to file with the SEC other documents regarding the proposed transaction. The final proxy statement/prospectus/consent
solicitation will be sent to the stockholders of PharmAthene and Theraclone in connection with the stockholder votes on matters
relating to the proposed transaction. The proxy statement/prospectus/consent solicitation contains information about PharmAthene,
Theraclone, the proposed transaction, and related matters.
STOCKHOLDERS ARE URGED TO READ THE PROXY
STATEMENT/PROSPECTUS/CONSENT SOLICITATION (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND OTHER DOCUMENTS FILED WITH THE
SEC CAREFULLY IN THEIR ENTIRETY AS THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT STOCKHOLDERS SHOULD
CONSIDER BEFORE MAKING A DECISION ABOUT THE MERGER AND RELATED MATTERS. In addition to receiving the proxy
statement/prospectus/consent solicitation
and proxy card by mail, stockholders will also be able to obtain the proxy statement/prospectus/consent solicitation, as well as
other filings containing information about PharmAthene, without charge, from the SEC's website (http://www.sec.gov) or, without
charge, by contacting Stacey Jurchison at PharmAthene at (410) 269-2610.
No Offer or Solicitation
This communication is not intended to and
does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe
for any securities or the solicitation of any vote or approval in any jurisdiction in connection with the merger or otherwise,
nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer
of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933,
Participants in Solicitation
PharmAthene and its executive officers
and directors may be deemed to be participants in the solicitation of proxies from PharmAthene's stockholders with respect
to the matters relating to the proposed merger. Theraclone may also be deemed a participant in such solicitation. Information regarding
PharmAthene's executive officers and directors is available in Amendment No. 1 to PharmAthene's proxy statement on
Schedule 14A, filed with the SEC on May 9, 2013. Information regarding such executive officers and directors and regarding any
interest that PharmAthene, Theraclone or any of the executive officers or directors of PharmAthene or Theraclone may have in the
transaction will be set forth in the final proxy statement/prospectus/consent solicitation that PharmAthene will file with the
SEC in connection with its stockholder vote on matters relating to the proposed transaction. Stockholders will be able to obtain
this information by reading the final proxy statement/prospectus/consent solicitation when it becomes available.
PharmAthene is a leading biodefense company
engaged in the development and commercialization of next generation medical countermeasures against biological and chemical threats.
PharmAthene's current biodefense portfolio includes the following product candidates:
In addition, in May 2013, the Delaware
Supreme Court issued its ruling on the appeal in our litigation with SIGA Technologies, affirming the Court of Chancery's
finding that SIGA was liable for breach of contract, reversing its finding of promissory estoppel, and remanding the case
back to the Court of Chancery to reconsider
the appropriate remedy and award of attorney's fees and expert witness costs in light of the Supreme Court's opinion. For
more information about PharmAthene, please visit www.PharmAthene.com.
Forward-Looking Statement Disclaimer
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 "will"; "potential"; "believe";
"anticipate"; "intend"; "plan"; "expect"; "estimate"; "could"; "may";
"should"; or similar statements are forward-looking statements. Such statements include, but are not limited to those
referring to the potential for the generation of value, ability to leverage funding sources, potential for revenue, and potential
for growth. PharmAthene disclaims any intent or obligation to update these forward-looking statements. Risks and uncertainties
include, among others, failure to obtain necessary shareholder approval for the proposed merger with Theraclone and the matters
related thereto; failure of either party to meet the conditions to closing of the transaction; delays in completing the transaction
and the risk that the transaction may not be completed at all; failure to realize the anticipated benefits from the transaction
or delay in realization thereof; the businesses of PharmAthene and Theraclone may not be combined successfully, or such combination
may take longer, be more difficult, time-consuming or costly to accomplish than expected; operating costs and business disruption
during the pendency of and following the transaction, including adverse effects on employee retention and on business relationships
with third parties; the combined company's need for and ability to obtain additional financing; risk associated with the