Healthcare Acquisition (AMEX:HAQ)
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From May 2019 to May 2024
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.