ANNAPOLIS, Md., Oct. 8, 2014 /PRNewswire/ -- PharmAthene,
Inc. (NYSE MKT: PIP) today announced that the United States
Bankruptcy Court for the Southern District of New York has partially lifted the stay of
PharmAthene's litigation against SIGA Technologies, Inc., in the
Delaware Court of Chancery. The
order allows the Chancery Court to issue a final judgment and the
parties to pursue appeals thereof. Enforcement of any
judgment, once entered will remain subject to the Bankruptcy Court
stay.
Separately, the Company announced that the United States Trustee
has selected PharmAthene to serve on the Official Committee of
Unsecured Creditors of SIGA Technologies, Inc.,
debtor-in-possession. As a member of the Committee,
PharmAthene will play an active role in the bankruptcy
proceedings.
In its filings with the Bankruptcy Court, SIGA indicated that it
expects to continue to perform under its contract with the
Biomedical Advanced Research and Development Authority (BARDA) and
is eligible to receive up to an additional $211.5 million in revenue under this contract, in
addition to the $198 million it has
already received.
A copy of the Delaware Court's
opinions including the present decision and order in the case are
available on PharmAthene's website at www.pharmathene.com under the
"Investor Relations" tab.
About PharmAthene
PharmAthene is engaged in the development and commercialization
of next generation medical countermeasures against biological and
chemical threats. PharmAthene's current biodefense portfolio
includes the following product candidates:
- SparVax® - a next generation recombinant protective
antigen (rPA) anthrax vaccine
- rBChE bioscavenger - a medical countermeasure for nerve agent
poisoning by organophosphorous compounds, including nerve gases and
pesticides
- Valortim® - a fully human monoclonal antibody for
the prevention and treatment of anthrax infection
For more information about PharmAthene, please visit
www.PharmAthene.com.
Statement on Cautionary Factors
Except for the historical information presented herein, matters
discussed may constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
that are subject to certain risks and uncertainties that could
cause actual results to differ materially from any future results,
performance or achievements expressed or implied by such
statements. Statements that are not historical facts, including
statements preceded by, followed by, or that include the
words "potential"; "believe"; "anticipate"; "intend"; "plan";
"expect"; "estimate"; "could"; "may"; "should"; "will"; "project";
"potential"; or similar statements are forward-looking statements.
PharmAthene disclaims any intent or obligation to update these
forward-looking statements other than as required by law. Risks and
uncertainties include risk associated with our interest in
Tecovirimat, the reliability of the results of the studies relating
to human safety and possible adverse effects resulting from the
administration of the Company's product candidates, unexpected
funding delays and/or reductions or elimination of U.S. government
funding for one or more of the Company's development programs, the
award of government contracts to our competitors, unforeseen safety
issues, challenges related to the development, scale-up, technology
transfer, and/or process validation of manufacturing processes for
our product candidates, unexpected determinations that these
product candidates prove not to be effective and/or capable of
being marketed as products, as well as risks detailed from time to
time in PharmAthene's Forms 10-K and 10-Q under the caption "Risk
Factors" and in its other reports filed with the U.S.
Securities and Exchange Commission (the "SEC"). Further,
significant additional non-clinical animal studies, human clinical
trials, and manufacturing development work remain to be
completed for all of our product candidates. The Chancery
Court's decision relating to damages does not specify an amount of
damages, and such amount is subject to dispute between the
parties. The amount of the award remains subject to further
calculation and approval by the Chancery Court and there may be
further proceedings before the final amount is approved by the
Chancery Court, which determination, along with the decision itself
will remain subject to appeal by SIGA to the Delaware Supreme
Court. As a result, the decision could be reversed, remanded or
otherwise changed. There can be no assurances whether or when
the Company will receive any payments from SIGA as a result of the
decision. SIGA has stated that it does not currently have
cash sufficient to satisfy the potential award. Furthermore,
because SIGA has filed for protection under the federal bankruptcy
laws, the Company is automatically stayed from taking any
enforcement action and even if the proceeding in the Chancery Court
proceeds, the payment of any award by SIGA would be subject to
decisions made by the Bankruptcy Court as part of the bankruptcy
proceedings. Copies of PharmAthene's public disclosure filings are
available from its investor relations department and our website
under the investor relations tab at www.PharmAthene.com. All
information set forth in this press release is current as of
October 8, 2014. PharmAthene
undertakes no duty to update any statement in light of new
information or future events.
SOURCE PharmAthene, Inc.