PharmAthene secures $7.5 million in senior secured credit facilities

PharmAthene, Inc., has secured $7.5 million in senior secured credit facilities from GE Capital's Healthcare Financial Services.

The credit facilities consist of a $2.5 million term loan and a revolving line of credit of up to $5 million.

"We are very pleased to partner with GE Capital - a recognized leader in healthcare financing," Linda L. Chang, PharmAthene's senior vice president and CEO, said. "This financing further strengthens our balance sheet and provides us with increased flexibility to manage our working capital requirements.

"Our expected 2012 monthly cash burn is less than $500,000 per month based on currently projected activities on our contracts. Given that PharmAthene had $19.2 million in cash and cash equivalents, short term investments, and net receivables as of December 31, 2011, this financing provides an additional liquidity cushion until the time in 2013 when we anticipate receiving final resolution of the litigation with SIGA Technologies."

PharmAthene develops medical countermeasures for biological and chemical weapons, including its second generation recombinant protective antigen SparVax anthrax vaccine and Valortim, a fully human monoclonal antibody for the prevention and treatment of anthrax infection.