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Delaware Court Denies Motion by SIGA Technologies Seeking to Dismiss PharmAthene's Legal Action in Breach of Contract Lawsuit Against SIGA
Date:1/16/2008

ANNAPOLIS, Md., Jan. 16 /PRNewswire-FirstCall/ -- PharmAthene, Inc., (Amex: PIP) a biodefense company developing medical countermeasures against biological and chemical threats, announced that the Delaware Chancery Court today issued a ruling denying a motion by SIGA Technologies to dismiss PharmAthene's complaint, which alleges that it has a right to an exclusive license to develop and market SIGA's drug candidate, SIGA-246. SIGA's request to dismiss the claim by PharmAthene was denied in all respects by the Delaware Court.

David P. Wright, President and Chief Executive Officer of PharmAthene, stated, "This is very good news for PharmAthene. The decision by the Court to reject SIGA's motion to dismiss our claims will now enable PharmAthene to proceed in its efforts to gain those rights to SIGA-246, to which we believe we are entitled based on agreements between PharmAthene and SIGA signed in 2006. We intend to aggressively pursue those rights."

SIGA-246 is a small molecule orally-active antiviral drug candidate for the treatment of smallpox.

About PharmAthene, Inc.

PharmAthene (Amex: PIP) 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 programs include Valortim(TM) for the prevention and treatment of anthrax infection and Protexia(R) for the prevention and treatment of morbidity and mortality associated with exposure to chemical nerve agents. For more information on PharmAthene, please visit http://www.PharmAthene.com.

Statement on Cautionary Factors

Except 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"; "could"; or similar statements are forward-looking statements. PharmAthene disclaims, however, any intent or obligation to update these forward-looking statements. Risks and uncertainties include the possibility that PharmAthene may not eventually prevail in any legal proceedings; that PharmAthene may incur substantial costs involved in connection therewith; that SIGA-246 may not be licensed by PharmAthene; that it may not eventually prove to be effective or be capable of being marketed as a product, as well as risks detailed from time to time in PharmAthene's public disclosure filings with the U.S. Securities and Exchange Commission (the "SEC"). There can be no assurance that PharmAthene development efforts will succeed or that SIGA-246 or any other developed products will receive required regulatory clearance or that, even if such regulatory clearance were received, such products would ultimately achieve commercial success. Copies of PharmAthene's public disclosure filings are available from its investor relations department.


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SOURCE PharmAthene, Inc.
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