ANNAPOLIS, Md., Jan. 16 /PRNewswire-FirstCall/ -- PharmAthene, Inc.,
(Amex: PIP) a biodefense company developing medical countermeasures against
biological and chemical threats, announced that the Delaware Chancery Court
today issued a ruling denying a motion by SIGA Technologies to dismiss
PharmAthene's complaint, which alleges that it has a right to an exclusive
license to develop and market SIGA's drug candidate, SIGA-246. SIGA's
request to dismiss the claim by PharmAthene was denied in all respects by
the Delaware Court.
David P. Wright, President and Chief Executive Officer of PharmAthene,
stated, "This is very good news for PharmAthene. The decision by the Court
to reject SIGA's motion to dismiss our claims will now enable PharmAthene
to proceed in its efforts to gain those rights to SIGA-246, to which we
believe we are entitled based on agreements between PharmAthene and SIGA
signed in 2006. We intend to aggressively pursue those rights."
SIGA-246 is a small molecule orally-active antiviral drug candidate for
the treatment of smallpox.
About PharmAthene, Inc.
PharmAthene (Amex: PIP) was formed to meet the critical needs of the
United States and its allies by developing and commercializing medical
countermeasures against biological and chemical weapons. PharmAthene's lead
programs include Valortim(TM) for the prevention and treatment of anthrax
infection and Protexia(R) for the prevention and treatment of morbidity and
mortality associated with exposure to chemical nerve agents. For more
information on PharmAthene, please visit http://www.PharmAthene.com.
Statement on Cautionary Factors
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"; "could"; or similar statements are
forward-looking statements. PharmAthene disclaims, however, any intent or
obligation to update these forward-looking statements. Risks and
uncertainties include the possibility that PharmAthene may not eventually
prevail in any legal proceedings; that PharmAthene may incur substantial
costs involved in connection therewith; that SIGA-246 may not be licensed
by PharmAthene; that it may not eventually prove to be effective or be
capable of being marketed as a product, as well as risks detailed from time
to time in PharmAthene's public disclosure filings with the U.S. Securities
and Exchange Commission (the "SEC"). There can be no assurance that
PharmAthene development efforts will succeed or that SIGA-246 or any other
developed products will receive required regulatory clearance or that, even
if such regulatory clearance were received, such products would ultimately
achieve commercial success. Copies of PharmAthene's public disclosure
filings are available from its investor relations department.
SOURCE PharmAthene, Inc.
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Related links:
http://www.pharmathene.com
CONTACT:
Stacey Jurchison, Director, Corporate
Communications of PharmAthene, Inc., +1-410-269-2610, cell,
+1-410-474-8200, JurchisonS@PharmAthene.com
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