Healthcare Acquisition Corp. and PharmAthene, Inc. File Certificate of Merger to Complete Acquisition; Confirmation to Be Sought

  
    
  
  
    
      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, following the 
      actions at HAQ’s Special Meeting of 
      Stockholders in which HAQ’s stockholders 
      voted to approve the merger of its subsidiary with PharmAthene, Inc., 
      the certificate of merger was filed.
    
    
      Under the terms of the Agreement and Plan of Merger, dated as of January 
      19, 2007, HAQ acquired all of the outstanding securities of PharmAthene 
      and PharmAthene became a wholly owned subsidiary of HAQ. Additionally, 
      as contemplated under the Merger Agreement, HAQ filed an amendment to 
      its certificate of incorporation to, among other things, change its name 
      to PharmAthene, Inc. and the name of PharmAthene, Inc., now a subsidiary 
      of HAQ, was changed to PharmAthene US Corporation. It is expected that 
      the Company’s common stock and warrants will 
      trade under the following symbols when trading recommences:
    
    
      
        common stock will trade under “PIP”
      
    
    
      
        warrants will trade under “PIP.WS”
      
    
    
      Stockholders of HAQ are not required to submit their share certificates 
      for re-issuance.
    
    
      At the HAQ Special Meeting of Stockholders, the number of shares 
      requesting conversion into cash from the trust fund was misreported to 
      the Company. Following that misreporting, certain of the officers, 
      directors and current stockholders of HAQ and certain stockholders of 
      PharmAthene purchased in the aggregate an additional 400,000 shares of 
      HAQ common stock which shares were voted, pursuant to the negotiated 
      terms of sale, in favor of the merger, reducing the number of conversion 
      elections and allowing for approval of the merger. Because the vote was 
      initially misreported to the Company at the meeting, a determination 
      will be sought from the Delaware Chancery Court to affirm the validity 
      of the stockholder vote approving the merger. Although the Board of HAQ 
      believes that the approval of the merger was valid, in the event that 
      the Delaware Court of Chancery does not affirm such validity, HAQ could 
      be required to liquidate any funds then held in trust.
    
    
      HAQ intends to inform the escrow agent for its trust funds immediately 
      to proceed with liquidating that portion of the trust fund representing 
      the positions of those stockholders who voted against the merger and 
      requested conversion of their shares. The remaining funds will be held 
      in trust pending further direction of the Board of Directors of the 
      Company.
    
    
      Additional Information
    
    
      HAQ AND PHARMATHENE CLAIM THE PROTECTION OF THE SAFE HARBOR FOR “FORWARD-LOOKING 
      STATEMENTS” WITHIN THE MEANING OF THE PRIVATE 
      SECURITIES LITIGATION REFORM ACT OF 1995. FORWARD-LOOKING STATEMENTS ARE 
      STATEMENTS THAT ARE NOT HISTORICAL FACTS. SUCH FORWARD-LOOKING 
      STATEMENTS, BASED UPON THE CURRENT BELIEFS AND EXPECTATIONS OF 
      MANAGEMENT OF HAQ AND PHARMATHENE REGARDING, AMONG OTHER THINGS, THE 
      POTENTIAL DETERMINATIONS BY A COURT OF CHANCERY IN DELAWARE AS TO THE 
      VALIDITY OF THE APPROVAL OF THE MERGER, WHICH CANNOT BE PREDICTED WITH 
      CERTAINTY. NO ASSURANCES CAN BE GIVEN THAT OTHER PARTIES WILL NOT OPPOSE 
      CONFIRMATION OF SUCH VALIDITY.
    
    
      About Healthcare Acquisition Corp.
    
    
      Des Moines-based Healthcare Acquisition Corp. was jointly formed by 
      healthcare investing pioneers, John Pappajohn and Derace L. Schaffer, 
      M.D. Healthcare Acquisition Corp. was a special purpose acquisition 
      company focused on the healthcare industry. The Company’s 
      shares traded on the American Stock Exchange, under the symbol HAQ and 
      its warrants traded on the American Stock Exchange under the symbol 
      HAQW. Following HAQ’s Special Meeting of 
      Stockholders held on Friday, August 3, 2007, the name of HAQ was changed 
      to “PharmAthene, Inc.”
    
    
      About PharmAthene, Inc.
    
    
      PharmAthene was a privately-held biodefense company, was formed in 2001 
      to meet the critical needs of the United States by developing biodefense 
      products. PharmAthene is dedicated to the rapid development of important 
      and novel biotherapeutics to address biological pathogens and chemicals 
      that may be used as weapons of bioterror. PharmAthene’s 
      lead programs include Valortim™ and Protexia®. 
      For more information on PharmAthene, please visit its website at 
      www.PharmAthene.com. Following approval of the merger at HAQ’s 
      Special Meeting of Stockholders held on Friday, August 3, 2007, the name 
      of PharmAthene was changed to “PharmAthene US 
      Corporation.”