ANNAPOLIS, Md., July 8, 2016 /PRNewswire/ -- PharmAthene,
Inc. (NYSE MKT: PIP), a biodefense company developing medical
countermeasures against anthrax, today announced that it has
received a $20 million payment from
SIGA Technologies, Inc. to extend by 90 days, until October 19, 2016, the date by which SIGA must
satisfy the PharmAthene judgment. The payment, made pursuant to the
SIGA Bankruptcy Reorganization Plan approved by U.S. Bankruptcy
Court for the Southern District of New
York effective April 12, 2016,
is creditable against final satisfaction of the judgment in favor
of PharmAthene of approximately $205
million plus interest and is not refundable.
About PharmAthene
PharmAthene is a biodefense company engaged in the development
of next generation medical countermeasures against biological
threats. The Company's development portfolio includes next
generation Anthrax vaccines that are intended to improve protection
while having favorable dosage and storage requirements compared to
other Anthrax vaccines.
Forward-Looking Statement Disclaimer
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.
Risks and uncertainties include risks associated our ability to
collect from SIGA Technologies, Inc. the remaining amount of the
judgment, with our ability to successfully develop next generation
medical countermeasures against biological threats; the ability of
our next generation anthrax vaccines to improve protection while
having favorable dosage and storage requirements compared to other
anthrax vaccines; and other 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. PharmAthene disclaims any intent or obligation
to update these forward-looking statements other than as required
by law.
Copies of PharmAthene's public disclosure filings are available
on our website under the investor relations tab at
www.PharmAthene.com.
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SOURCE PharmAthene, Inc.