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, announced that on January 7, 2015, the Delaware Court of
Chancery, acting on remand from the Delaware Supreme Court, issued a
letter opinion in the litigation begun by PharmAthene, Inc. in 2006.
The Court has directed PharmAthene to submit a revised form of judgment
awarding PharmAthene a lump sum of $113,116,985 plus prejudgment
interest, costs and fees. SIGA estimates that, including pre-judgment
interest through the date of SIGA's chapter 11 filing, the final
judgment will be approximately $190,000,000.
This opinion implements the Court's August 8, 2014 decision on remand to
reverse its own earlier findings that expectation damages are
speculative, conditional and conjectural and, instead, to allow lump sum
expectation damages based on hypothetical U. S. Government purchases of
SIGA's smallpox drug in 2010 to 2015 that were supposedly anticipated in
2006.
"We continue to believe the decision to enter the new judgment is not
supported by the record or the law and we intend to appeal to the
Supreme Court of Delaware," William J. Haynes II, SIGA's General
Counsel, commented.
Either party may appeal the portions of the trial court rulings that
were unfavorable to that party within 30 days of entry of judgment by
the court. SIGA currently intends to appeal the judgment, but no
assurance can be given that any such 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.
PRESS CONTACT:
RUBENSTEIN ASSOCIATES, INC.
MARCIA HOROWITZ,
212-843-8014
mhorowitz@rubenstein.com
or
INVESTOR
CONTACT:
KCSA STRATEGIC COMMUNICATIONS
TODD FROMER,
212-896-1215
tfromer@kcsa.com
Source: SIGA Technologies, Inc.
News Provided by Acquire Media