WASHINGTON, June 11 /PRNewswire-FirstCall/ -- Project BioShield and
other terrorism countermeasures programs are yielding successful results,
according to PharmAthene Chief Executive Officer David Wright, who detailed
the company's track-record of partnering with the U.S. government.
"The key is to know your customer and to meet its requirements," Mr.
Wright told attendees at the 6th Annual Biodefense Vaccines & Therapeutics
Conference held in Washington, DC that also featured officials from the
White House, U.S. Department of Health and Human Services (HHS), U.S.
Department of Defense (DoD) and other agencies.
The Annapolis, Maryland-based biodefense company, which holds several
contracts with the U.S. government, also urged HHS to keep with its
timetable for the procurement of a next generation (rPA) anthrax vaccine,
as well as a therapeutic that could be used to treat victims of an anthrax
attack. "The threat of an anthrax attack is real and already has occurred
on U.S. soil. After the 9/11 attacks top U.S. science advisors urged our
nation's leaders to secure a new, more effective anthrax vaccine. The
existing vaccine requires up to six injections over an 18 month period,
followed by yearly booster shots, and has side-effects. HHS has issued an
RFP requesting a next generation vaccine with better safety and fewer
doses. PharmAthene has products in advanced development to meet this urgent
need," Mr. Wright said.
The Panel discussed how companies can establish and continue a
partnership with HHS to produce effective next generation countermeasures
for biodefense. Mr. Wright cited PharmAthene's success in partnering with
the government. To date, PharmAthene and the Avecia business that it
acquired in April, have been awarded grants, development contracts and
other awards from the U.S. government, and other governments, for which
they have received, or will receive, an aggregate of approximately $276
million, and may receive in the future under these contracts and awards up
to an additional $198 million if other development milestones are met and
contract extensions are exercised by the US government, in its sole
discretion.
"While government funding is available, accessing those funds remains
challenging," commented Mr. Wright. He noted that biodefense is essentially
a brand new industry and is distinctly different from traditional
biotechnology -- there is a different regulatory path utilizing the animal
rule, program development is largely dependent on government funding
amounts and the markets are challenging to enter. As such, frequent and
fruitful communication with HHS regarding acquisition and advanced
development, timelines, funding amounts, and product acquisitions is
critical. Once a consistent process is in place and companies begin to
deliver products to the stockpile and recognize revenue, the value of the
business proposition can be realized.
About PharmAthene, Inc.
PharmAthene (Amex: PIP) was formed in March 2001 with a mission to
become the premier company worldwide specializing in the development and
commercialization of therapeutic and prophylactic products for defense
against biological and chemical threats. Since its inception, PharmAthene
has pursued an acquisitive growth strategy focused on high priority, next
generation biodefense products that the government has expressed a clear
need and intent to procure. PharmAthene's portfolio currently includes five
potential best-in-class biodefense medical countermeasures: Recombinant
Protective Antigen (rPA) anthrax vaccine; Valortim(TM), an anthrax
anti-toxin therapeutic which is being co-developed with Medarex;
Protexia(R) a novel recombinant bioscavenger to prevent and treat
organophosphorous nerve agent poisoning; RypVax(TM), a recombinant dual
antigen plague vaccine; and finally, third generation rPA anthrax vaccine
technology. For more information on PharmAthene, please visit
http://www.pharmathene.com.
Statement on Cautionary Factors
Except for the historical information presented herein, matters
described in this press release may constitute forward-looking statements
which are within the meaning of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. In some cases, forward-looking
statements can be identified by words such as "believe," "expect,"
"anticipate," "plan," "potential," "continue" or similar expressions and
relate to, among other things, the ability of the Company to achieve
milestones, to access financing or contracts from US government agencies,
to develop effective products or to create value for its stockholders.
Forward-looking statements also include the assumptions underlying or
relating to any of the foregoing statements. Such forward-looking
statements are based upon current expectations or beliefs of management and
are subject to a number of factors and uncertainties that could cause
actual results to differ materially from those described in the
forward-looking statements including, but not limited to, risks associated
with obtaining regulatory approvals, unforeseen technical difficulties,
dependencies on certain customers or products, market acceptance and
competition, ability to receive grant and contract revenue and procurement
funding, ability to identify any additional strategic acquisitions or other
opportunities to accelerate growth, cash at the end of the year, as well as
other risks described in the Company's filings with the Securities and
Exchange Commission, in conference calls and in other communications.
SOURCE PharmAthene, Inc.
 back to top
Related links:
http://www.pharmathene.com
CONTACT:
Eric I. Richman of PharmAthene, Inc.,
+1-410-269-2520, richmane@pharmathene.com
|
