PharmAthene Backs Into Public Markets

PharmAthene Inc., an Annapolis, Md.-based biotech company focused on biological warfare threats, has agreed to go public via a reverse merger with Healthcare Acquisition Corp. (AMEX: HAQ), a special purpose acquisition company. The deal will provide PharmAthene with up to $70 million in cash, before payment of expenses. PharmAthene has raised over $76 million in VC funding from firms like Teachers’ Private Capital, Canadian Medical Discoveries Fund Inc., MDS Life Sciences Technology Fund < ?xml:namespace prefix = st1 />US, MPM Capital, Bear Stearns Innoventures and Healthcare Ventures. It had agreed last summer to a reverse merger with SIGA Technologies Inc. (Nasdaq: SIGA), but SIGA terminated the deal due to positive results of its own R&D.