ANNAPOLIS, Md., March 26 /PRNewswire-FirstCall/ -- PharmAthene, Inc.,
(Amex: PIP) a biodefense company specializing in the development and
commercialization of medical countermeasures against chemical and
biological terrorism, announced today that it has been awarded a contract
modification providing an additional value of $5.8 million for continued
development of Protexia(R), the Company's broad spectrum chemical nerve
agent prophylaxis.
In September 2006, PharmAthene was awarded a multi-year contract from
the Department of Defense (DoD) U.S. Army Space and Missile Command for
advanced development of Protexia(R) valued at up to $213 million, provided
that certain milestones are achieved and that all contract options and
extensions are exercised by the government.
The work made possible by this award will provide an additional value
of $5.8 million and has been provided through a contract modification
initiated by DoD. Including these additional funds, the contract is now
valued at up to $219 million, assuming all milestones are achieved and that
all contract extensions and options are exercised by the DoD.
"Our successful performance to date has permitted the Department of
Defense to provide additional funding which enables PharmAthene to pursue
activities aimed at further enhancing the program," commented Dr. John
Troyer, Senior Program Director for Protexia(R). "We are delighted at the
continued strong interest and support from the DoD in our Protexia(R)
program."
"The DoD continues to be at the forefront of the development of novel
medical countermeasures and we are very pleased and fortunate to have such
an outstanding partner with which to collaborate on our Protexia(R)
program," continued Dr. Troyer.
Preclinical studies suggest that recombinant butyrylcholinesterase used
as a prophylactic against nerve agents would add a valuable capability to
the spectrum of existing nerve agent therapeutics. Recombinant
butyrylcholinesterase has been shown to bind with nerve agents to prevent
lethality in in vivo challenge studies with nerve agents. As a
prophylactic, recombinant butyrylcholinesterase may reduce or eliminate the
need for post-exposure therapeutics. In addition, our proprietary
manufacturing method enables substantially larger production yields than
what is possible with human plasma-derived BChE, suggesting that when
developed, Protexia(R) could adequately fulfill the U.S. military and
civilian stockpile requirements. It is these unique characteristics which
make Protexia(R) the superior choice for military and civilian chemical
defense," said Dr. Troyer.
About Protexia(R): PEGylated Recombinant Human Butyrylcholinesterase
(rBChE)
Protexia(R) is a form of recombinant human butyrylcholinesterase
(rBChE), a potent organophosphorus (OP) scavenger protein produced in the
milk of transgenic goats, which is being developed for use as a
prophylactic against acute organophosphorus (OP) nerve agent toxicity.
About Chemical Weapons
Organophosphorus nerve agents, or anti-cholinesterase agents, were
discovered in the 1930s following intensive research into new insecticides.
Their discovery represents the beginning of modern chemical warfare. These
agents cause toxicity by binding to and inhibiting acetylcholinesterase, an
enzyme in the body that is essential for nervous system function, leading
to increases in acetylcholine and "cholinergic crisis" that can cause loss
of muscle control, respiratory failure, paralysis, convulsions, permanent
brain damage and eventually death.
These so-called nerve gases, which are actually all liquids at room
temperature, are lethal far more quickly and in far lower concentrations
than other classical chemical warfare agents such as vesicants, choking
agents and blood agents, and are effective both when inhaled and when
absorbed through the skin. Nerve agents can be classified as either
G-agents (sarin, soman, tabun) or V-agents (VX), both of which are
exceedingly toxic.
About PharmAthene, Inc.
PharmAthene (Amex: PIP) 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
programs include Valortim(TM) for the prevention and treatment of anthrax
infection and Protexia(R) for the prevention and treatment of morbidity and
mortality associated with exposure to chemical nerve agents. For more
information on PharmAthene, please visit http://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"; "could"; 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 Protexia(R), unexpected funding
delays, unforeseen safety issues, unexpected determination that Protexia(R)
proves not to be effective or capable of being marketed as a product, as
well as risks detailed from time to time in PharmAthene's public disclosure
filings with the U.S. Securities and Exchange Commission (the "SEC"). There
can be no assurance that such development efforts will succeed or that
other developed products will receive required regulatory clearance, or
that, even if such regulatory clearance were received, such products would
ultimately achieve commercial success. Copies of PharmAthene's public
disclosure filings are available from its investor relations department.
SOURCE PharmAthene, Inc.
 back to top
Related links:
http://www.pharmathene.com
CONTACT:
Stacey Jurchison of PharmAthene, Inc.,
+1-410-269-2610, Cell: +1-410-474-8200,
JurchisonS@PharmAthene.com
|
