Friday, June 1, 2012

PharmAthene (AMEX: PIP) says court issues final judgment in litigation with SIGA Technologies

PharmAthene (AMEX: PIP) says court issues final judgment in litigation with SIGA TechnologiesNorthern, WI 6/1/12 (StreetBeat) -- PharmAthene (Amex:PIP) announced that the Delaware Court of Chancery has issued its final judgment in the company's litigation against SIGA Technologies (Nasdaq:SIGA). Upholding its September 22, 2011 ruling, the court awarded PharmAthene 50% of the net profits over a period of ten years from all sales of SIGA's smallpox antiviral therapeutic, ST-246, and related products, after SIGA receives the first $40M in net profits. The President and CEO of PharmAthene said, "Recently, SIGA reaffirmed its guidance to investors that it anticipates delivery of ST-246 to the U.S. government to start in the first quarter 2013. The definition of net profits adopted by the Court in its final judgment should result in our realizing a significant share of revenue from those sales and will accelerate our profitability."

Under the Court's ruling, once SIGA earns $40M in "net profits," PharmAthene shall be paid 50% of all net profits for a period from the date of entry of the Court's final order until ten years from "first commercial sale." First commercial sale shall be deemed to occur following initial delivery of and payment for Product. The Court also awarded PharmAthene $2.4M to cover a portion of its legal fees and expert witness and other costs, along with interest at the legal rate from the date of the final order until payment is made.

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