PRNewswire-FirstCall/ — PharmAthene, Inc., (NYSE Amex: 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.
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We at Market Guardian see a potential price target short term at $5.50-$7.00
