ANNAPOLIS, Md., Oct. 12, 2011 /PRNewswire/ -- Today the Bipartisan WMD Terrorism Research Center (WMD Center) released its “Bio-Response Report Card” stating that the United States is not adequately prepared for the threat of a bioterrorism attack despite the attempts for improvements over the past decade.
During the 10 years since the initial anthrax attacks, the government has made great progress in certain areas but has failed to meet many of the bioterrorism preparedness objectives. The WMD Center is giving the country a “D” for the development and availability of medical countermeasures for a large-scale attack. While the current state of preparedness is unacceptable, the WMD Center also noted that investment in countermeasures would be among the most effective use of resources. Among other benefits, investment in countermeasures would aid in the development of a more cost effective, faster-acting second-generation anthrax vaccine better suited to treating a large-scale attack. A second-generation anthrax vaccine has the potential to greatly improve the United States’ bioterrorism preparedness, but requires additional support and attention from the federal government to accelerate development of this necessary countermeasure.
“A second generation anthrax vaccine is vital considering the warnings from the US intelligence community of the imminent threat of bioterrorism. We are pleased that the WMD Center has worked diligently to assess the status of the medical countermeasures arsenal and outline steps for improvement,” said Eric Richman, President and CEO of PharmAthene. “The anthrax attacks of 2001 are a harsh reminder of our vulnerability to this threat and PharmAthene looks forward to working with the federal government and other organizations to develop a strategic response to future bioterrorism threats.”
The WMD Center is one of many organizations analyzing the attacks of 2001 to better prepare America for the future. Tomorrow, October 13, at 9:00 a.m., the Center for American Progress (CAP) is holding a panel discussion on this subject, which will include high-level officials who coordinated the response to the attacks in 2001. For more information about the CAP event visit: http://www.americanprogress.org/events/2011/10/anthraxrevisited.html
“I expect very compelling testimony tomorrow from these leaders who have first-hand experience responding to the threat of an anthrax attack,” said Richman. “Their concern about the current state of our nation’s countermeasures should not be viewed lightly.”
About PharmAthene, Inc.
PharmAthene (NYSE 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 product development programs include:
- SparVax(TM) - a second generation recombinant protective antigen (rPA) anthrax vaccine
- Valortim® - a fully human monoclonal antibody for the prevention and treatment of anthrax infection
- Protexia® - a novel bioscavenger for the prevention and treatment of morbidity and mortality associated with exposure to chemical nerve agents
In addition, pursuant to an opinion issued September 22, 2011 from the Delaware Court of Chancery, PharmAthene is entitled to 50% of the profits over the next 10 years from all sales of Siga Technologies’ ST-246, a novel smallpox antiviral agent for the treatment of morbidity and mortality associated with exposure to the causative agent of smallpox being developed by Siga (once Siga earns $40 million in net profits from sales of ST-246).
For more information about PharmAthene, please visit www.PharmAthene.com.
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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 proceeded by, followed by, or that include the words “potential"; “believe"; “anticipate"; “intend"; “plan"; “expect"; “estimate"; “could"; “may"; “should"; “will"; “project"; “potential"; or similar statements are forward-looking statements. PharmAthene disclaims any intent or obligation to update these forward-looking statements other than as required by law. 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 the Company’s product candidates, unexpected funding delays and/or reductions or elimination of U.S. government funding for one or more of the Company’s development programs, the award of government contracts to our competitors, unforeseen safety issues, challenges related to the development, scale-up, technology transfer, and/or process validation of manufacturing processes for our product candidates, unexpected determinations that these product candidates prove not to be effective and/or capable of being marketed as products, as well as risks detailed from time to time in PharmAthene’s Forms 10-K and 10-Q under the caption “Risk Factors” and in its other reports filed with the U.S. Securities and Exchange Commission (the “SEC”). Copies of PharmAthene’s public disclosure filings are available from its investor relations department and our website under the investor relations tab at www.PharmAthene.com.
CONTACT: Stacey Jurchison, PharmAthene, Inc., +1-410-269-2610, Stacey.Jurchison@PharmAthene.com
