Mitchel Sayare, Ph.D. to Succeed John Pappajohn as Chairman of the Company's Board of Directors

PharmAthene, Inc. PIP today announced that the Company's Board of Directors has elected Mitchel Sayare, Ph.D. to succeed John Pappajohn as Chairman of the Board. Mr. Pappajohn stepped down from the PharmAthene Board effective immediately. Dr. Sayare has been a member of PharmAthene's Board of Directors since April 2010, and most recently served from 1985 until 2010 as Chairman and Chief Executive Officer of ImmunoGen, a publicly traded biotechnology company engaged in the research and development of antibody-based cancer therapeutics. During his long and successful tenure with ImmunoGen, Dr. Sayare was responsible for leading an IPO and raising over $400 million in venture capital and public equity financing for the company. During this time, Dr. Sayare also served as President of the 95%-owned ImmunoGen subsidiary, Apoptosis Technology, where he was responsible for managing operations for the organization.