Healthcare Acquisition Corp. and PharmAthene Receive Stockholder Approval for Their Merger
August 03 2007 - 1:08PM
Business Wire
Healthcare Acquisition Corp. (AMEX:HAQ), a publicly-traded special
purpose acquisition company, and PharmAthene, Inc., a biodefense
company developing and commercializing medical countermeasures
against biological and chemical threats, today announced that the
stockholders of HAQ had approved the proposed merger of HAQ and
PharmAthene. In addition, holders of fewer than 20% of the shares
of HAQ�s common stock issued in its initial public offering
exercised their right to convert shares into a pro rata portion of
the proceeds of HAQ�s IPO which were held in a trust account. HAQ
stockholders also approved certain merger related proposals, such
as amendment to HAQ�s charter to, among other things, change its
name to �PharmAthene, Inc.� and to approve the 2007 Incentive Plan.
The merger will be completed later today. HAQ and PharmAthene
further announced that certain of the officers, directors and
current stockholders of HAQ had purchased 250,000 additional shares
of HAQ common stock and funds associated with Healthcare Ventures
and funds associated with MPM Capital, which are current
stockholders of PharmAthene, had each purchased 125,000 shares of
HAQ common stock prior to the Special Meeting of Stockholders. John
Pappajohn, HAQ�s Chairman who will continue as Chairman of the
combined company, noted that, �The purchases by management and
existing stockholders demonstrated their continued endorsement of
the merger. We are pleased that our stockholders have recognized
the potential benefits associated with the merger by their approval
of the transaction. We strongly believe PharmAthene�s business
model represents a compelling value proposition.� David P. Wright,
Chief Executive Officer of PharmAthene who will remain in such
position with the combined company, commented, �Our merger with HAQ
will allow the combined company the financial flexibility to build
a stronger financial foundation with enhanced access to capital
with which to grow our business.� About PharmAthene, Inc.
PharmAthene was formed as a result of a merger with Healthcare
Acquisition Corp. PharmAthene is a biodefense company developing
and commercializing medical countermeasures against biological and
chemical threats. PharmAthene�s lead programs include Valortim� for
the prevention and treatment of anthrax infection and Protexia� for
the prevention and treatment of morbidity and mortality associated
with exposure to chemical nerve agents. For more information on
PharmAthene, please visit www.PharmAthene.com. Healthcare
Acquisition Corp. was a blank check company that was formed for the
specific purpose of consummating a business combination. Forward
Looking Statement Disclosure This press release contains certain
"forward-looking statements'' within the meaning of the Private
Securities Litigation Reform Act of 1995, as amended, including
statements regarding the efficacy of potential products, the
timelines for bringing such products to market and the availability
of funding sources for continued development of such products.
Forward-looking statements are not historical facts but are based
on management's estimates, assumptions and projections, and are
subject to uncertainties, many of which are beyond the control of
PharmAthene. Actual results may differ materially from those
anticipated in any forward-looking statement. Factors that may
cause such differences include the risks that (a)�potential
products that appear promising to PharmAthene or any of their
collaborators cannot be shown to be efficacious or safe in
subsequent preclinical or clinical trials, (b) PharmAthene or its
collaborators will not obtain appropriate or necessary governmental
approvals to market these or other potential products,
(c)�PharmAthene may not be able to obtain anticipated funding for
its development projects or other needed funding, (d) PharmAthene
may not be able to secure funding from anticipated government
contracts and grants, and (e) PharmAthene may not be able to secure
or enforce adequate legal protection, including patent protection,
for their products. The information contained in this press release
should be read in light of such risks. The Company does not assume
any obligation to update the information contained in this press
release.
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