ANNAPOLIS, Md., May 26, 2013 /PRNewswire/ -- PharmAthene, Inc. (NYSE MKT: PIP) today announced that the Delaware Supreme Court upheld the earlier ruling that SIGA breached its contractual obligation to negotiate in good faith. The Court has remanded the case to the Delaware Court of Chancery for further reconsideration of the damages award, consistent with its opinion.
"We are pleased by this positive decision from the Delaware Supreme Court, which conclusively affirms SIGA's liability for their failure to negotiate the terms of a license agreement with us in good faith," said Eric I. Richman, President and Chief Executive Officer. "Further, the Court established new Delaware law making expectation damages available in these circumstances. This is a significant legal victory for our Company and an important decision with respect to Delaware law. We look forward to final resolution of the case in front of the Delaware Court of Chancery."
In addition, the Supreme Court also upheld the Delaware Court of Chancery decision entitling PharmAthene to receive reimbursement for a portion of its legal fees and expert witness costs and remanded to the Court of Chancery for further reconsideration of the amount of those fees and costs consistent with its opinion.
For more information, a copy of the Supreme Court's opinion, as well as the initial Delaware Chancery Court opinion and final judgment, is available on the Company's website at http://www.pharmathene.com/ under the "Investor Relations" tab.About PharmAthene 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 threats. PharmAthene's current biodefense portfolio includes the following product candidates:
- SparVax ® - a next generation recombinant protective antigen (rPA) anthrax vaccine
- Recombinant BChE - a novel bioscavenger for the prevention and treatment of morbidity and mortality associated with exposure to chemical nerve agents
- Valortim ® - a fully human monoclonal antibody for the prevention and treatment of anthrax infection
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