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PharmAthene Announces Full Exercise of Over-Allotment Option
Last update: 11/24/2010 8:30:00 AM
ANNAPOLIS, Md., Nov. 24, 2010 /PRNewswire via COMTEX/ -- PharmAthene, Inc., (PIP) a biodefense company developing medical countermeasures against biological and chemical threats, today announced that the 645,000 share over-allotment option granted to the underwriter in conjunction with the registered public offering consummated on November 3, 2010 was exercised in full on November 22, 2010. The closing of the sale of the related shares occurred on November 23, 2010.
The sale of the over-allotment shares generated net proceeds, before expenses, of approximately $2.1 million, which the Company intends to use for repayment of debt and general corporate purposes. Roth Capital Partners, LLC served as sole underwriter for the offering. Noble Financial Capital Markets served as the Company's financial advisor in connection with the offering. The securities described above were offered by PharmAthene pursuant to a registration statement previously filed and declared effective by the Securities and Exchange Commission on February 13, 2009.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The securities may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. Copies of the prospectus and the final prospectus supplement may be obtained, when available, at the Securities and Exchange Commission's website at . Copies of the prospectus and the final prospectus supplement may also be obtained from Roth Capital Partners, LLC Equity Capital Markets, 24 Corporate Plaza, Newport Beach, CA 92660, at 800-678-9147 and Rothecm@roth.com.
About PharmAthene, Inc.
PharmAthene 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(R) - a fully human monoclonal antibody for the prevention and treatment of anthrax infection Countermeasures for nerve agent poisoning by organophosphate compounds, including nerve gases and pesticides, whose active ingredient is the recombinant enzyme, butyrylcholinesterase (rBChE)