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November 29, 2013
07:01 EDTPIPPrescott urges PharmAthene investors to vote against Theraclone merger
Prescott Group Capital Management, a greater than 10% shareholder of PharmAthene, who has previously urged shareholders to vote against the Theraclone merger based largely on the lack of proper disclosures, now questions the quality of due diligence performed by PharmAthene’s Board of Directors after Theraclone announced on November 27 that: “Theraclone Sciences, Inc., a therapeutic antibody discovery and development company, today announced that it has received notification from the Biomedical Advanced Research and Development Authority informing the company that their proposal, 'Broad spectrum anti influenza A M2e fully human monoclonal antibody TCN 032: Determination of efficacy in serious influenza disease,' was not selected for funding under the current proposal." Prescott’s concerns are heightened by disclosures made in an August 1 investor presentation, which indicate that TCN 032 has the largest market potential of all the drugs presented for Theraclone’s clinical pipeline. Prescott believes this BARDA funding denial calls into question two critical components used by PharmAthene’s Board to help justify the merger: (1) access to non-dilutive government funding; and (2) a significant worldwide market opportunity for one of Theraclone’s most developed drugs.
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