February 24, 2010 (FinancialWire) — PharmAthene, Inc. (AMEX: PIP) said that the Department of Health and Human Services, through the Biomedical Advanced Research and Development Authority has modified an existing research and development contract with PharmAthene providing for up to a total of $78.4 million in additional funding.

The additional amount is to support the continued advanced development of SparVax, a second generation recombinant protective antigen anthrax vaccine targeted for future procurement in the U.S. Strategic National Stockpile.

PharmAthene said that reaching the total is conditioned on certain milestones being achieved and that all contract options and extensions are exercised by the government.

Maryland-based PharmAthene was formed to meet the needs of the United States and its allies by developing and commercializing medical countermeasures against biological and chemical weapons.

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