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PharmAthene Awarded 50% Profit Split on Worldwide Sales of Smallpox Antiviral Therapy by Delaware Chancery Court
Date:9/22/2011

ANNAPOLIS, Md., Sept. 22, 2011 /PRNewswire/ -- PharmAthene, Inc. (NYSE Amex: PIP) today announced a significant decision in its litigation against SIGA Technologies in the Delaware Court of Chancery. PharmAthene filed the lawsuit against SIGA in December 2006 citing PharmAthene's interest in ST-246, an orally available smallpox antiviral drug candidate.

"We are extremely pleased with the Court's decision," remarked Eric I. Richman, President and Chief Executive Officer.  "This is an important victory for our Company and stockholders. This ruling, providing PharmAthene with 50% of worldwide net profits is transformative for the Company.  As a result of this ruling, we will appropriately share in the financial success of ST-246 without any of the associated infrastructure and related expenses.  The initial U.S. government contract for 1.7 million courses of smallpox antiviral therapy has already been awarded."

As a result, the Court ruled that "once SIGA earns $40 million in net profits or margin from net sales of ST-246, PharmAthene shall be entitled to 50% of all net profits from such sales thereafter for a period from entry of this judgment until the expiration of ten years following the first commercial sale of any product derived from ST-246."  The Court went on to award "PharmAthene one-third of the reasonable attorney's fees it incurred in this action" as well as "one third of the expert witness fees incurred by PharmAthene."

The Court's decision in favor of PharmAthene found that SIGA is liable to PharmAthene for breach of SIGA's contractual obligations to negotiate an exclusive license agreement to ST-246 in good faith.  The Court denied certain of the counts in PharmAthene's complaint.  A copy of the Court's opinion in the case is available on the Company's website at www.pharmathene.com<
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SOURCE PharmAthene, Inc.
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