Form 8K Current Report
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15 (d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
Date
of
Report (Date of earliest event reported): June 9, 2006
SIGA
TECHNOLOGIES, INC.
(Exact
name of registrant as specified in its charter)
Delaware
|
0-23047
|
13-3864870
|
(State
or other jurisdiction of
incorporation
or organization)
|
(Commission
file number)
|
(I.R.S.
employer
identification
no.)
|
420
Lexington Avenue, Suite 408
New
York, New York
(Address
of principal executive offices)
|
|
10170
(Zip
code)
|
Registrant’s
telephone number, including area code: (212) 672-9100
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see
General
Instruction A.2. below):
r
Written
communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
x
Soliciting
material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
r
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
r
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
8.01. Other
Events.
On
June
9, 2006, SIGA Technologies, Inc., a Delaware corporation (“SIGA”) and
PharmAthene, Inc., a Delaware corporation (“PharmAthene”), issued a joint press
release pursuant to which they announced that they have entered into a
definitive agreement providing for the merger of PharmAthene and SIGA. A copy
of
the press release is attached hereto as Exhibit 99.1, which is incorporated
by
reference in this Item 8.01.
A
copy of
the Agreement and Plan of Merger, dated as of June 8, 2006, among SIGA, its
wholly owned subsidiary, SIGA Acquisition Corp., a Delaware corporation, and
PharmAthene is publicly available as an exhibit to SIGA’s previous Form 8-K
filed on June 13, 2006.
Item
9.01. Financial Statements and Exhibits.
(c) Exhibits
Exhibit
No.
|
Description
|
99.1
|
Press
Release dated June 9, 2006.
|
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
SIGA
TECHNOLOGIES,
INC.
By:
/s/
Thomas N.
Konatich
Name:
Thomas
N.
Konatich
Title:
Acting
Chief Executive Officer & Chief Financial Officer
Date: June
13,
2006
Exhibit 99.1 Press Release
Exhibit
99.1
Contact:
For
PharmAthene, Inc.:
Stacey
Jurchison
Phone:
410-571-8925
jurchisons@pharmathene.com
|
For
SIGA Technologies, Inc.:
Thomas
N. Konatich
Phone:
212-672-9100
tkonatich@siga.com
|
PHARMATHENE
AND SIGA TECHNOLOGIES SIGN DEFINITIVE MERGER
AGREEMENT
TO ESTABLISH PREMIER BIODEFENSE COMPANY
ANNAPOLIS,
MD and NEW YORK, NY, June 9, 2006
-
PharmAthene, Inc. and SIGA Technologies, Inc. (NASDAQ: SIGA) announced today
that they have signed a definitive agreement providing for the merger of
PharmAthene and SIGA. The combined company, which will operate under the
“PharmAthene” name, will be a leader in biodefense featuring a substantial
portfolio of procurement-stage biodefense products targeting anthrax, smallpox
and chemical nerve agents, as well as a robust pipeline of therapeutic and
prophylactic drug candidates targeting Category A biowarfare agents and emerging
infectious diseases.
“A
strategic merger with SIGA significantly advances our strategy of building
a
leading biodefense company with a comprehensive portfolio of medical
countermeasures to meet the urgent needs of our Nation and Allies,” said David
P. Wright, President and Chief Executive Officer of PharmAthene. “Combining
PharmAthene’s strong development and commercialization capabilities and
procurement-stage biodefense products with SIGA’s procurement-stage smallpox
antiviral treatment, ST-246, and exceptional research pipeline, establishes
a
premier biodefense organization with multiple procurement-stage products with
near-term revenue potential, and a broad research pipeline focused on biodefense
and emerging infectious diseases.”
“Following
the merger, our biodefense portfolio will include procurement-stage products
targeting three of the top five priorities under Project BioShield,” said Mr.
Wright. Included in this portfolio are:
· |
ST-246,
a small molecule orally-active antiviral therapeutic for the treatment
of
smallpox and other orthopox virus
infections.
|
· |
Valortim™,
a fully human monoclonal antibody being co-developed with Medarex
(NASDAQ:
MEDX) for the prevention and treatment of anthrax infection.
|
· |
Protexia®
a novel bioscavenger to prevent and treat organophosphate nerve agent
poisoning.
|
“Recently,
both Valortim™ and ST-246 have made important clinical progress,” continued Mr.
Wright. “Phase I clinical testing of Valortim™ in healthy volunteers to evaluate
safety and dose response has recently been completed. Detailed results from
the
study are planned for release
later
this year. SIGA recently commenced a Phase I study of ST-246 in healthy
volunteers, which is expected to be completed shortly. Preclinical studies
of
Valortim™ and ST-246 have previously demonstrated efficacy in animal models. If
the Phase I results support safety in humans, then we expect that Valortim™ and
ST-246 should be promising candidates for procurement consideration for the
Strategic National Stockpile.”
Donald
Drapkin, Chairman of the Board of SIGA, commented, “We see this strategic merger
with PharmAthene as a tremendous opportunity for our Company and our
shareholders. PharmAthene brings a management team that is highly experienced
in
identifying niche markets, developing drugs to address those markets, and
launching successful products that dominate their respective therapeutic
classes. We are confident in their ability to generate tremendous value for
our
shareholders, while providing the necessary vision and leadership to drive
future growth.”
The
merger agreement, which has been unanimously approved by the Boards of Directors
of both companies, is subject to shareholder and regulatory approval, the
completion of a financing transaction, and other customary closing conditions,
and is expected to close in the third quarter. David P. Wright, President and
Chief Executive Officer of PharmAthene, will serve as President and Chief
Executive Officer of the combined company. WR Hambrecht + Co and Sutter
Securities Incorporated acted as financial advisors to PharmAthene and SIGA,
respectively.
This
communication is being made in respect of the proposed merger transaction
involving SIGA Technologies, Inc. and PharmAthene, Inc. SIGA will promptly
file
with the SEC a current report on Form 8-K, which will include the merger
agreement and related documents. In addition, SIGA will file a proxy statement
with the SEC in connection with the transaction and mail the final proxy
statement to SIGA shareholders of record at the record date for the special
meeting of the shareholders to be held to provide approvals relating to the
proposed transaction. The proxy statement that SIGA plans to file with the
SEC
and mail to its shareholders will contain information about SIGA, PharmAthene,
the proposed merger, and related matters. SHAREHOLDERS ARE URGED TO READ THE
PROXY STATEMENT CAREFULLY WHEN IT IS AVAILABLE, AS IT WILL CONTAIN IMPORTANT
INFORMATION THAT SHAREHOLDERS SHOULD CONSIDER BEFORE MAKING A DECISION ABOUT
THE
MERGER. In addition to receiving the proxy statement and proxy card by mail,
shareholders will also be able to obtain the proxy statement, as well as other
filings containing information about SIGA, without charge, from the SEC’s
website (http://www.sec.gov)
or,
without charge, by contacting Thomas Konatich at SIGA at (212) 672-9100. This
announcement is neither a solicitation of proxy, an offer to purchase, nor
a
solicitation of an offer to sell shares of SIGA.
SIGA
and
its executive officers and directors may be deemed to be participants in the
solicitation of proxies from SIGA’s shareholders with respect to the matters
relating to the proposed merger. PharmAthene may also be deemed a participant
in
such solicitation. Information regarding SIGA’s executive officers and directors
is available in SIGA’s Annual Report on Form 10-K, for the year ended December
31, 2005. Information regarding any interest that PharmAthene or any of the
executive officers or directors of PharmAthene may have in the transaction
with
SIGA will be set forth in the proxy statement that SIGA intends to file with
the
SEC in connection with the matters to be approved in connection with the
proposed merger. Shareholders of SIGA can obtain this information by reading
the
proxy statement when it becomes available.
###
About
PharmAthene, Inc.
PharmAthene,
a privately-held biotechnology company, was formed to meet the critical needs
of
the United States by developing biodefense products. PharmAthene is dedicated
to
the rapid development of important and novel biotherapeutics to address
biological pathogens and chemicals that may be used as weapons of bioterror.
PharmAthene’s lead programs include Valortim™ (being co-developed with Medarex
(NASDAQ:MEDX)) and Protexia. PharmAthene is located in the Chesapeake Innovation
Center in Annapolis, MD, the first technology incubator focused solely on
Homeland Security. PharmAthene has been successful in obtaining U.S. Government
and Venture Capital funding to finance the development of its portfolio
products. For more information on PharmAthene, please visit its website at
www.PharmAthene.com.
About
SIGA Technologies, Inc.
SIGA
Technologies is applying viral and bacterial genomics and sophisticated
computational modeling in the design and development of novel products for
the
prevention and treatment of serious infectious diseases, with an emphasis on
products for biological warfare defense. SIGA's product development
programs emphasize the increasingly serious problem of drug resistant
bacteria. In addition to smallpox, SIGA has antiviral programs targeting
other Category A viral pathogens, including arenaviruses (Lassa Fever Virus,
Junin, Macupo, Guanarito, and Sabia), Lymphocytic choriomeningitis virus (LCMV),
Dengue, the filoviruses, Ebola and Marburg. For more information about
SIGA, please visit SIGA's Web site at www.siga.com.
Forward
Looking Statement Disclosure
This
press release contains certain "forward-looking statements'' within the meaning
of the Private Securities Litigation Reform Act of 1995, as amended, including
statements regarding the efficacy of potential products, the timelines for
bringing such products to market, for achieving regulatory approval, the
government procurement process, the release of clinical data, and the
availability of funding sources for continued development of such
products. Forward-looking statements are based on management's estimates,
assumptions and projections, and are subject to uncertainties, many of which
are
beyond the control of SIGA and PharmAthene. Actual results may differ
materially from those anticipated in any forward-looking statement.
Factors that may cause such differences include the risks that (a) there
may be regulatory or litigation obstacles to completing the merger,
(b) shareholders of one or both companies may not approve the merger, (c)
the NASDAQ market may not accept the shares of the merged company for continued
listing, (d) products under investigation by SIGA or PharmAthene cannot be
shown to be efficacious or safe in subsequent preclinical or clinical trials,
(e) SIGA, PharmAthene or their collaborators will not obtain appropriate or
necessary governmental approvals to market their products, (f) SIGA or
PharmAthene may not be able to obtain anticipated funding for their development
projects or other needed funding, (g) SIGA or PharmAthene may not be able
to secure funding from anticipated government contracts and grants, and (h)
SIGA
or PharmAthene may not be able to secure or enforce adequate legal protection,
including patent protection, for their products.
More
detailed information about SIGA and risk factors that may affect the realization
of forward-looking statements, including the forward-looking statements in
this
press release is set forth in SIGA's filings with the Securities and Exchange
Commission, including SIGA's Annual Report on Form 10-K for the fiscal year
ended December 31, 2005, and in other documents that SIGA has filed with the
Commission. SIGA urges investors and security holders to read those
documents free of charge at the Commission's Web site at
http://www.sec.gov. Interested parties may also obtain those documents
free of charge from SIGA. Forward-looking statements speak only as to the
date they are made, and, except for any obligation under the U.S. federal
securities laws, SIGA undertakes no obligation to publicly update any
forward-looking statement as a result of new information, future events or
otherwise.
###