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News Breaks
May 26, 2013
18:58 EDTSIGA, PIPSIGA says court reverses 'equitable payment stream' to PharmAthene
SIGA Technologies (SIGA) reported that the Delaware Supreme Court reversed the award of an "equitable payment stream" by the Court of Chancery in its May 31, 2012 Final Order and Judgment in PharmAthene (PIP) v. SIGA Technologies and also remanded the case to the Court of Chancery for further proceedings to determine appropriate damages. William J. Haynes II, SIGA's General Counsel, commented, "We are pleased with the Delaware Supreme Court ruling issued on Friday. The Supreme Court's decision states that PharmAthene may only obtain damages for its lost expectancy if it can prove them 'with reasonable certainty.' We intend to establish to the Chancery Court, consistent with that Court's earlier conclusions, that PharmAthene's evidence of expectancy damages is speculative and too uncertain, contingent, and conjectural to permit an award." Dr. Eric A. Rose, SIGA's Chief Executive Officer, commented, "While legal proceedings may continue, we will now focus with even greater intensity on growing and enhancing SIGA's business, executing our existing contract with BARDA, seeking approval and licensing of Arestvyr™ from the U.S. Food and Drug Administration, and making greater use of our proven antiviral drug discovery and development capabilities."
News For SIGA;PIP From The Last 14 Days
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January 16, 2015
16:14 EDTPIP, SIGASIGA 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 EDTPIP, SIGASiga 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

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