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News Breaks
April 7, 2014
09:02 EDTPIPPharmAthene receives notice advising company of of SparVax anthrax vaccine
PharmAthene announced that it has received notice from the Department of Health and Human Services, Biomedical Advanced Research and Development Authority, advising the company of its decision to de-scope the current SparVax anthrax vaccine contract through a partial termination for convenience. BARDA will provide additional guidance to PharmAthene on the contractual changes, following which PharmAthene will evaluate its options with respect to its SparVax program. PharmAthene has been developing SparVax to address a requirement for a modern anthrax vaccine based on state-of-the-art vaccine technology. Phase 1 and Phase 2 clinical trials involving 770 healthy subjects have demonstrated that SparVax appears to be well tolerated and capable of producing an immune response in humans.
News For PIP From The Last 14 Days
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January 16, 2015
16:14 EDTPIPSIGA Technologies appeals judgment of Delaware Court of Chancery
SIGA Technologies (SIGA) announced that it has filed a notice of appeal from the judgment of the Delaware Court of Chancery awarding PharmAthene (PIP) expectation damages. On January 15, the Court of Chancery entered a judgment awarding PharmAthene a lump sum of $113,116,985 plus prejudgment interest, costs and fees. The total amount of the judgment is $194,649,041.74. William J. Haynes II, SIGA's General Counsel, commented, “We believe the decision to award expectation damages is not supported by law with the amount of the award being completely speculative, conjectural and arbitrary. We are confident in the strength of our grounds for appeal, and will ask the Supreme Court of Delaware to overturn this judgment.” Dr. Eric A. Rose, SIGA’s CEO, also commented, “We remain absolutely committed to performing under SIGA's contract with BARDA, obtaining FDA approval for our smallpox drug, Tecovirimat, and growing our company, and we have ample resources to do so.” While SIGA believes it has strong grounds on which to base its appeal, no assurance can be given that its appeal will be successful.
09:12 EDTPIPOn The Fly: Pre-market Movers
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06:01 EDTPIPSiga ordered to pay $194M to PharmAthene in smallpox drug case, Bloomberg says
Siga Technologies (SIGA) was ordered to pay more than $194M to PharmAthene (PIP) in a dispute over the medicine that caused Siga to seek bankruptcy protection in 2014, reports Bloomberg. Delaware Chancery court Judge Donald Parsons said Siga executives breached their obligation to negotiate a licensing agreement for the smallpox medicine in good faith. Reference Link
January 15, 2015
18:28 EDTPIPOn The Fly: After Hours Movers
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16:11 EDTPIPPharmAthene says court enters final order in $194.65M SIGA litigation
PharmAthene (PIP) announced that the Delaware Court of Chancery has entered its Final Order and Judgment in the company's litigation against SIGA Technologies (SIGA). The court's judgment against SIGA totaled $194.65M, including $113.12M in lump sum expectation damages for the value of PharmAthene's lost profits for SIGA's smallpox antiviral, Tecovirimat, and $81.53M in pre-judgment interest and attorneys' and expert witness fees. The court's determination, along with the decision itself, will remain subject to appeal by SIGA to the Delaware Supreme Court. Because SIGA has filed for protection under the Federal bankruptcy laws, PharmAthene said it is automatically stayed from taking any enforcement action in the Delaware Court of Chancery. PharmAthene's ability to collect a money judgment from SIGA remains subject to further proceedings in the bankruptcy court, it added.

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