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PHARMATHENE RECOGNIZED AS INCUBATOR GRADUATE COMPANY OF THE YEAR

Christopher Camut (middle) of PharmAthene accepts the Best Graduate Company award from Tanya Berlage (L) of Saul Ewing LLP and Paul Silber (R) of Silber Associates at the Eighth Annual Maryland Incubator Company of the Year Awards.

ANNAPOLIS, MD (June 16, 2008) - Chesapeake Innovation Center (CIC) graduate company PharmAthene (www.pharmathene.com) was recognized Tuesday night as the winner in Best Graduate Incubator Graduate Company category of the Year at the eighth Annual Maryland Incubator Company of the Year Awards.  The awards program highlights superior innovation taking place in companies throughout Maryland.  PharmAthene develops effective countermeasures to a range of potential biological and chemical weapons.  Winning companies were selected from a field of 21 finalists in seven categories.

"Since graduating from the CIC, PharmAthene has continued to grow and prosper in Anne Arundel County,” said County Executive John R. Leopold.  “I congratulate them on winning this award and am very pleased that the Chesapeake Innovation Center played an important role in helping this exciting company evolve and grow.  PharmAthene is a significant part of the vibrant technology sector here in Anne Arundel County.”
 
The Annual Maryland Incubator Company of the Year Awards program (www.mdincubatoraward.com) is a joint effort of The Maryland Department of Business and Economic Development (DBED), the Maryland Technology Development Corporation (TEDCO), RSM McGladrey, Inc., and Saul Ewing LLP.  Winning companies are selected based upon the organization’s goals and its success in achieving the objectives.  Criteria include:

• Success in achieving its objectives; its technology or product development
• Growth in revenue or earnings
• Number of customers and significant customers
• Technology transfer
• Attraction of outside investors
• Impact on the region

PharmAthene was established in March 2001.  Its executive team is made up of seasoned, talented pharmaceutical and biotechnology professionals—each an expert in his or her respective field ranging from infectious diseases and genome science across the spectrum to pharmaceutical marketing and management.  While a member of the CIC, PharmAthene grew from less than five to more than 45 employees in its Annapolis headquarters, and has been awarded up to $450 million in government contracts and grants (should all milestones be achieved) and received approximately $65 million in venture capital and private equity financing.  This thriving company is now located at Park Place on West Street in Annapolis.

About Chesapeake Innovation Center
The Chesapeake Innovation Center (www.cic-tech.org) is America’s first business incubator for homeland and national security. The CIC identifies and screens early stage technology companies to:

• Connect innovative technology and business models with government agency and corporate Partners who contract with the CIC to identify specific technology solutions
• Nurture and support promising advanced technology businesses
• Coach Member and Affiliate companies to succeed in this market

The CIC’s established partnerships with The Boeing Company, ARINC, NSA, Northrop Grumman, and Athlone Global Security have provided support and access to the marketplace for CIC Member Companies. Currently, there are seven Resident Member Companies and seven Affiliate Member Companies at the CIC.  Since it was launched in 2003, four early stage technology companies have graduated from the CIC to become successful companies. 

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