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.
Statement on Cautionary FactorsExcept for the historical information presented herein, matters discussed may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Statements that are not historical facts, including statements preceded by, followed by, or that include the words "potential"; "believe"; "anticipate"; "intend"; "plan"; "expect"; "estimate"; "could"; "may"; "should"; "will"; "project"; "potential"; or similar statements are forward-looking statements. PharmAthene disclaims any intent or obligation to update these forward-looking statements other than as required by law. Risks and uncertainties include risk associated with the reliability of the results of the studies relating to human safety and possible adverse effects resulting from the administration of the Company's product candidates, unexpected funding delays and/or reductions or elimination of U.S. government funding for one or more of the Company's development programs, the award of government contracts to our competitors, unforeseen safety issues, challenges related to the development, scale-up, technology transfer, and/or process validation of manufacturing processes for our product candidates, unexpected determinations that these product candidates prove not to be effective and/or capable of being marketed as products, as well as risks detailed from time to time in PharmAthene's Forms 10-K and 10-Q under the caption "Risk Factors" and in its other reports filed with the U.S. Securities and Exchange Commission (the "SEC"). In particular, there can be no assurance that the Company will prevail in its lawsuit against Siga, or that even if the court rules in the Company's favor, the court will award monetary damages or other remedies adequate to fully compensate the Company for its loses.