PIP-SIGA litigation update:
PharmAthene Provides Update on Litigation With SIGA Technologies
Press Release Source: PharmAthene, Inc. On Monday January 24, 2011, 8:30 am
ANNAPOLIS, Md., Jan. 24, 2011 /PRNewswire/ -- PharmAthene, Inc. (NYSE Amex: PIP) announced today that the trial in the Delaware Court of Chancery, which commenced January 3, 2011, in its breach of contract action against SIGA Technologies concluded this past Friday, January 21, 2011. The Company anticipates that post trial briefs in the case and subsequent oral argument in front of the court will be complete by the end of April 2011.
Eric I. Richman, President and Chief Executive Officer of PharmAthene, commented "I am pleased with how our legal team presented our case and look forward to submitting our post-trial briefs and the court rendering its decision, which we anticipate will occur sometime in mid 2011.
In December 2006, the Company filed a complaint against Siga in the Delaware Court of Chancery, alleging, among other things, that the Company has the right to license exclusively development and marketing rights for Siga's drug candidate, ST-246, pursuant to a merger agreement between the parties that was terminated in October 2006. The complaint also alleges that Siga failed to negotiate in good faith the terms of such a license pursuant to the terminated merger agreement. Siga has counter sued claiming that PharmAthene breached its duty to engage in good faith negotiations for a license to ST-246 during the fall of 2006.
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