ANNAPOLIS, Md., Aug. 13 /PRNewswire-FirstCall/ -- PharmAthene, Inc.,
(Amex: PIP) a biodefense company developing and commercializing medical
countermeasures against biological and chemical threats, announced today
that proceedings have been initiated with the Delaware Chancery Court to
affirm the validity of the merger between Healthcare Acquisition Corp. and
PharmAthene.
"We hope that the Court of Chancery will determine that the Merger was
validly approved and consummated so that PharmAthene may, in accordance
with the desires of an overwhelming majority of its stockholders, make use
of the funds held in escrow towards the furtherance of its business plan.
We remind you that the action initiated by our shareholder is intended to
seek affirmation from the court of the validity of the merger, and should
not be interpreted by PharmAthene shareholders as a challenge to the
merger," said David P. Wright, President and Chief Executive Officer of
PharmAthene.
The certificate of merger was filed on August 3, 2007. Shares of
PharmAthene began trading on the American Stock Exchange on August 7, 2007,
under the symbol 'PIP' and 'PIP-WT' for the company's warrants.
Additional Information
HAQ AND PHARMATHENE CLAIM THE PROTECTION OF THE SAFE HARBOR FOR
"FORWARD- LOOKING STATEMENTS" WITHIN THE MEANING OF THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995. FORWARD-LOOKING STATEMENTS ARE STATEMENTS
THAT ARE NOT HISTORICAL FACTS. SUCH FORWARD-LOOKING STATEMENTS, BASED UPON
THE CURRENT BELIEFS AND EXPECTATIONS OF MANAGEMENT OF HAQ AND PHARMATHENE
REGARDING, AMONG OTHER THINGS, THE POTENTIAL DETERMINATIONS BY A COURT OF
CHANCERY IN DELAWARE AS TO THE VALIDITY OF THE APPROVAL OF THE MERGER,
WHICH CANNOT BE PREDICTED WITH CERTAINTY. NO ASSURANCES CAN BE GIVEN THAT
OTHER PARTIES WILL NOT OPPOSE CONFIRMATION OF SUCH VALIDITY. IN THE EVENT
THAT THE DELAWARE COURT OF CHANCERY DOES NOT AFFIRM SUCH VALIDITY,
PHARMATHENE COULD BE REQUIRED TO LIQUIDATE ANY FUNDS THEN HELD IN TRUST.
THIS PROCEEDING WILL NOT AFFECT THE DISTRIBUTION OF THE TRUST FUND TO
STOCKHOLDERS WHO ELECTED CONVERSION.
About PharmAthene, Inc.
PharmAthene is a biodefense company formed in 2001 to meet the critical
needs of the United States by developing biodefense products. PharmAthene
is dedicated to the rapid development of important and novel
biotherapeutics to address biological pathogens and chemicals that may be
used as weapons of bioterror. PharmAthene's lead programs include
Valortim(TM) and Protexia(R). For more information on PharmAthene, please
visit its website at http://www.PharmAthene.com.
SOURCE PharmAthene
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Related links:
http://www.pharmathene.com/
CONTACT:
Stacey Jurchison of PharmAthene, Inc.,
+1-410-269-2610, JurchisonS@PharmAthene.com
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