ANNAPOLIS, Md., Nov. 19 /PRNewswire-FirstCall/ -- PharmAthene, Inc.
(NYSE Alternext US: PIP), a biodefense company developing medical
countermeasures against biological and chemical threats, announced today that
it has signed an agreement with Medison Pharma Ltd., to commercialize its
biodefense products in Israel.
"The need for advanced medical countermeasures to combat the risk of
terrorist attacks with biological or chemical weapons is a significant global
concern," stated David P. Wright, President and Chief Executive Officer of
PharmAthene. "Our allies in Israel understand the importance of procuring
next generation biodefense products to protect their military and civilian
populations from the threat of biological and chemical warfare."
Under terms of the exclusive, multi-year agreement, Medison Pharma will
commercialize products from PharmAthene's biodefense portfolio and will be
responsible for overseeing regulatory approval, marketing, and distribution
activities for those products in Israel. PharmAthene will maintain all
manufacturing responsibilities.
Maryland Governor Martin O'Malley, whose administration has played an
integral role in supporting bioscience in Maryland and fostering business
partnerships between Israel and the State of Maryland, commented, "Companies
such as PharmAthene are making significant advances by developing novel
products which are intended to save lives and deter terrorist attacks against
our citizens. We are very proud to support these initiatives and assist
Maryland companies in developing global partnerships and international markets
for their products and technologies."
Commenting on today's news, Eric Richman, Senior Vice President, Business
Development and Strategic Planning for PharmAthene, noted, "Governor
O'Malley's vision of facilitating commercial opportunities for Maryland
bioscience companies by establishing global partnerships has enabled this
important agreement between PharmAthene and Medison. We are delighted to have
Medison Pharma as our commercialization partner in Israel and appreciate the
efforts of Governor O'Malley and his staff in supporting the expansion of
PharmAthene's business opportunities abroad."
Mr. Richman continued, "Medison Pharma is a leading marketer of numerous
high profile pharmaceutical products for companies such as Biogen Idec, Shire,
Ipsen and Boston Scientific and has built an outstanding reputation throughout
Israel. The strength of their organization, coupled with their expertise in
commercialization and distribution, will be invaluable as we continue to
expand the market opportunity for our biodefense products internationally."
Rachel Kipnis, Marketing Manager of Medison Pharma, commented,
"PharmAthene's biodefense products represent important new advancements in the
prevention and treatment of high-risk biological and chemical threats to
Israel. Medison regards this partnership as critical, considering Israel's
location and the global threats it faces. Accordingly, we are delighted to
align ourselves with PharmAthene, a leading company in the biodefense sector,
and look forward to bringing their products to market in Israel."
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
-- Third generation rPA anthrax vaccine
-- Valortim(R) - a fully human monoclonal antibody for the prevention and
treatment of anthrax infection
-- Protexia(R) - a novel bioscavenger for the prevention and treatment of
morbidity and mortality associated with exposure to chemical nerve agents
-- RypVax(TM) - a recombinant dual antigen vaccine for plague
For more information about PharmAthene, please visit www.PharmAthene.com.
About Medison Pharma Ltd.
Medison Pharma Ltd., headquartered in Petach Tikva, Israel, is a leading
Israeli marketing group focused in the fields of high quality pharmaceutical,
diagnostics and medical devices. With over a decade of experience, the company
is uniquely placed to provide a complete A to Z spectrum of integrated
services for international companies looking to enter or expand their presence
in the Israeli healthcare market, as well as in Romania and Slovakia. For more
information on Medison Pharma, please visit www.medisonpharma.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"; 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 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, unforeseen safety issues, 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"). There can
be no assurance that Medison will be able to successfully commercialize any of
the Company's product candidates in Israeli or that the Company will generate
revenue under the arrangement with Medison. Copies of PharmAthene's public
disclosure filings are available from its investor relations department and
our website under the investor relations tab at http://www.pharmathene.com.
