ANNAPOLIS, Md., Oct. 13, 2011 /PRNewswire/ -- PharmAthene, Inc. (NYSE Amex: PIP) today announced that it has filed its legal brief in response to SIGA Technologies' motion for reargument. On September 22, 2011 PharmAthene announced that the Delaware Court of Chancery had issued a ruling in its litigation against SIGA and awarded PharmAthene 50% of the net profits over 10 years from all sales of ST-246 and related products after SIGA receives the first $40 million in net profits.
The defendant's motion for reargument asserts, among other things, that the Court erred in its application of law in awarding an equitable payment stream to PharmAthene. In its legal brief, PharmAthene outlines specific examples in Delaware case law supporting Vice Chancellor Parson's use of a constructive trust as an appropriate equitable remedy.
"We look forward to Judge Parson's decision on the motion and next steps," commented Eric I. Richman, President and Chief Executive Officer. "If the court denies the motion, the parties will have 20 days from that date to submit a proposed form of final judgment, following which the Court will render its final order."
About PharmAthene, Inc.PharmAthene was formed to meet the critical needs of the United States and its allies by developing and commercializing medical countermeasures against biological and chemical weapons. PharmAthene's lead product development programs include:
- SparVax(TM) - a second generation recombinant protective antigen (rPA) anthrax vaccine
- Valortim® - a fully human monoclonal antibody for the prevention and treatment of anthrax infection
- Protexia® - a novel bioscavenger for the prevention and treatment of morbidity and mortality associated with exposure to chemical nerve agents
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