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PharmAthene Reports Year-End 2012 Financial And Operational Results
Date:3/13/2013

ANNAPOLIS, Md., March 13, 2013 /PRNewswire/ --

Year-End 2012 Highlights

  • Received favorable final order and judgment from Delaware Chancery Court against SIGA Technologies
  • Accelerated funding for bioscavenger program under Department of Defense contract
  • Strengthened financial position and secured $7.5 million credit facility
  • Achieved 70% year-over-year reduction in operating cash usage
  • PharmAthene, Inc. (NYSE MKT: PIP), a biodefense company developing medical countermeasures against biological and chemical threats, today reported its financial and operational results for the year ended December 31, 2012.

    "During the year, the Delaware Court of Chancery issued its final order and judgment awarding PharmAthene a significant economic interest in SIGA's smallpox antiviral therapeutic, Arestvyr™ (formerly known as ST-246®)," said Eric I. Richman, President and Chief Executive Officer. "This represented a major victory for our Company, which, if upheld by the Delaware Supreme Court, should enable us to accelerate our profitability and generate enhanced value for PharmAthene shareholders near-term. Oral arguments on the appeal were held in Delaware Supreme Court in January 2013 and we look forward to the Court's ruling."

    "We also made important technical progress in our next generation recombinant bioscavenger (rBChE) program and are poised to begin pharmacokinetic and non-clinical efficacy testing in the coming months. In recognition of this progress, last year the Department of Defense exercised its option under our current contract to accelerate funding for the rBChE program," said Mr. Richman. "Regarding our SparVax® anthrax vaccine program, we received notification from the Food and Drug Administration (FDA) that our proposed Phase II clinical study of SparVax® was being placed on clinical hold pending the provision of additional dat
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    SOURCE PharmAthene, Inc.
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