Delaware Court Denies Motion by SIGA Technologies Seeking to Dismiss PharmAthene's Legal Action in Breach of Contract Lawsuit Against SIGA
Wednesday January 16, 4:48 pm ET
ANNAPOLIS, Md., Jan. 16 /PRNewswire-FirstCall/ -- PharmAthene, Inc., (Amex: PIP - News) 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 - News) 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® for the prevention and treatment of morbidity and mortality associated with exposure to chemical nerve agents. For more information on PharmAthene, please visit www.PharmAthene.com.
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