ANNAPOLIS, Md., June 10, 2011 /PRNewswire/ — PharmAthene, Inc.
PIP), a biodefense company developing medical countermeasures
against biological and chemical threats, announced today that it
has entered into subscription agreements with certain institutional
investors to sell approximately $6.5 million of its common stock
and warrants in a registered direct offering.
Under the terms of the subscription agreements, at closing,
PharmAthene will sell an aggregate of 1,857,143 units for a
purchase price of $3.50 per unit, with each unit consisting of one
share of common stock and one warrant to purchase 0.2 of a
share of common stock. The warrants will have a five year
term and will be immediately exercisable at an exercise price of
$3.50 per share.
The offering is expected to close on or about June 15, 2011
subject to the satisfaction of customary closing conditions. The
net proceeds are expected to be approximately $5.8 million after
placement agent fees and other offering expenses. PharmAthene
intends to use the net proceeds from the offering for general
Leerink Swann is serving as lead placement agent with Noble
Financial Capital Markets serving as co-placement agent in the
offering. The securities described above are being offered by
PharmAthene pursuant to a registration statement previously filed
and declared effective by the Securities and Exchange Commission.
Additional information and details with respect to the
offering are included in a prospectus supplement that PharmAthene
has filed with the Securities and Exchange Commission. The
registration statement and prospectus supplement may be obtained
from the Securities and Exchange Commission’s website at www.sec.gov. This press release does
not constitute an offer to sell, nor is it a solicitation of an
offer to buy an