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 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.