**Exhibit31**

**CERTIFICATIONOF PRINCIPAL EXECUTIVE OFFICER**

I, J. Jay Lobell, ChiefExecutive Officer, certify that:

1.                           I have reviewed this Quarterly Report on Form10-Q of Paramount Acquisition Corp.;

2.                                       Basedon my knowledge, this quarterly report does not contain any untrue statement ofa material fact or omit to state a material fact necessary to make thestatements made, in light of the circumstances under which such statements weremade, not misleading with respect to the period covered by this report;

3.                                       Basedon my knowledge, the financial statements, and other financial informationincluded in this report, fairly present in all material respects the financialconditions, results of operations and cash flows of the registrant as of, andfor, the periods presented in this report.

4.                           The registrant’s other certifying officer(s) andI are responsible for establishing and maintaining disclosure controls andprocedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and have:

a)                  Designed such disclosure controls and procedures,or caused such disclosure controls and procedures to be designed under oursupervision, to ensure that material information relating to the registrant,including its consolidated subsidiaries, is made known to us by others withinthose entities, particularly during the period in which this report is beingprepared;

b)                 Evaluated the effectiveness of the registrant’sdisclosure controls and procedures and presented in this report our conclusionsabout the effectiveness of the disclosure controls and procedures, as of theend of the period covered by this report based on such evaluation; and

c)                  Disclosed in this report any change in theregistrant’s internal control over financial reporting that occurred during theregistrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarterin the case of an annual report) that has materially affected, or is reasonablylikely to materially affect, the registrant’s internal control over financialreporting; and

5.                       The registrant’s other certifying officer(s)and I have disclosed, based on our most recent evaluation of internal controlover financial reporting, to the registrant’s auditors and the audit committeeof the registrant’s board of directors (or persons performing the equivalentfunctions):

a)                          Allsignificant deficiencies and material weaknesses in the design or operation ofinternal control over financial reporting which are reasonably likely toadversely affect the registrant’s ability to record, process, summarize andreport financial information; and

----

b)                 Any fraud, whether or not material, that involvesmanagement or other employees who have a significant role in the registrant’sinternal control over financial reporting.
| /s/ J. Jay Lobell                                                                         |   | Dated: August 14, 2007 |
|-------------------------------------------------------------------------------------------|--------|-----------------------------|
|      J.  Jay Lobell                                              |   |
|      Chief  Executive Officer and Secretary                      |   |
|      (Principal  Executive and Financial and Accounting Officer) |   |

 

----