NEW YORK--(BUSINESS WIRE)--
SIGA Technologies, Inc. (Nasdaq:SIGA), a company operating under the
protection of the United States Bankruptcy Court for the Southern
District of New York and specializing in the development and
commercialization of solutions for serious unmet medical needs and
biothreats, today announced that it has filed a notice of appeal from
the judgment of the Delaware Court of Chancery awarding PharmAthene,
Inc. expectation damages.
On January 15, 2015, 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 Chief Executive Officer, 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.
About SIGA Technologies, Inc.
We are a company specializing in the development and commercialization
of solutions for serious unmet medical needs and biothreats. Our lead
product is Tecovirimat, also known as ST-246®, an orally administered
antiviral drug that targets orthopoxviruses. While Tecovirimat is not
yet licensed as safe or effective by the U.S. Food & Drug
Administration, it is a novel small-molecule drug that is being
delivered to the Strategic National Stockpile under Project BioShield.
For more information about SIGA, please visit SIGA's web site at www.siga.com.
The SIGA Technologies, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4504.
On September 16, 2014, SIGA filed a voluntary petition for relief under
chapter 11 of the United States Bankruptcy Code in the United States
Bankruptcy Court for the Southern District of New York. SIGA made this
filing in order to protect its right to appeal the anticipated revised
judgment to the Delaware Supreme Court.
For SIGA Technologies, Inc.
Marcia Horowitz, 212-843-8014
Source: SIGA Technologies, Inc.
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