Key Developments: PharmAthene Inc (PIP)
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23 May 2013
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Latest Key Developments (Source: Significant Developments)
Pharmathene Inc Receives FDA Notification On SparVax
Pharmathene Inc announced it has received notification from the U.S. Food and Drug Administration (FDA) that its SparVax rPA anthrax vaccine program has been placed on clinical hold. The Agency indicated that the Company will receive a letter providing details of the basis for the clinical hold within 30 days. During this period, PharmAthene will continue to provide the agency with analytical data from its recently produced GMP lot of material. The clinical study, which was expected to begin by the end of this year, has not enrolled any subjects to date and accordingly, there have been no adverse events reported. Full Article
SIGA Technologies, Inc. Files Notice Of Appeal In PharmAthene, Inc. Litigation
SIGA Technologies, Inc. announced that it has filed a Notice of Appeal seeking to overturn the Delaware Chancery Court's May 31, 2012 final order and judgment in the litigation that PharmAthene, Inc. commenced in December 2006. Full Article
SIGA Technologies, Inc. Issues Final Judgment in Litigation Brought by PharmAthene Inc
SIGA Technologies, Inc. announced that the Delaware Chancery Court has entered its final judgment in the litigation that PharmAthene, Inc. commenced in December 2006. This action brings to a close the initial trial-level proceedings in the litigation. As previously disclosed, the Chancery Court issued its post-trial opinion in September 2011 granting judgment to PharmAthene on two of its eight claims and denying SIGA's counterclaim against PharmAthene. It further indicated that the remedy would be in the form of an 'equitable payment stream,' pursuant to which SIGA would pay to PharmAthene for ten years 50% of its net profits from sales or other dispositions of its smallpox drug, ST-246, after SIGA retained the first $40 million of net profits. The court also granted in part PharmAthene's request for attorneys' fees and expenses. The court asked the parties to agree if possible on a form of final judgment embodying these rulings and filling in the details, including the definition of 'net profits.' The parties were unable to agree and instead submitted competing forms of judgment and related briefings. The Chancery Court has now set the form of its final judgment, including a definition of 'net profits' that largely relies on U.S. generally accepted accounting principles. Full Article
PharmAthene, Inc. Secures $7.5 Million Credit Facility From GE Capital, Healthcare Financial Services
PharmAthene, Inc. announced that it has secured $7.5 million in senior secured credit facilities from GE Capital, Healthcare Financial Services consisting of a $2.5 million term loan and a revolving line of credit of up to $5 million Full Article
PharmAthene, Inc. Announces Publication of Phase I Study Results for Anthrax Anti-toxin Valortim
PharmAthene, Inc. announced that results from a Phase I clinical study of Valortim were published in the December issue of Clinical and Vaccine Immunology . The American Society for Microbiology peer-reviewed journal describes clinical data supporting the potential use of Valortim, a fully human monoclonal antibody, as both a post-exposure prophylaxis and therapeutic treatment for anthrax infection. Preclinical studies suggest that Valortim has the potential to provide significant protection against anthrax infection when administered prophylactically (prior to the emergence of symptoms of anthrax infection) and also may increase survival when administered therapeutically (once symptoms become evident). In these studies, Valortim has been shown to protect both rabbits and monkeys against the lethal effects of anthrax infection when administered at the time of exposure, at doses as low as 1.0 mg/kg. When administered to rabbits after the development of symptoms, Valortim also improved survival as late as 48 hours post-exposure as compared to controls. Full Article
PharmAthene, Inc. Appoints Linda L. Chang As Senior Vice President, Chief Financial Officer
PharmAthene, Inc. announced that Linda L. Chang has joined the Company as Senior Vice President, Chief Financial Officer, effective November 7, 2011. Ms. Chang is responsible for Accounting, Finance, Information Technology, and Investor Relations functions at PharmAthene. Full Article
PharmAthene, Inc. Announces Decision In Litigation Against SIGA Technologies, Inc.
PharmAthene, Inc. announced a decision in its litigation against SIGA Technologies, Inc. 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.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. Full Article
PharmAthene, Inc. Secures Contract From Department Of Defense
PharmAthene, Inc. announced that the Company has been awarded a $5.7 million contract under a Department of Defense (DoD) Broad Agency Announcement for studies directed at the development of an advanced expression system for the bioproduction of its nerve agent medical countermeasure program. Full Article
PharmAthene, Inc. Completes $6.5 Million Registered Direct Offering
PharmAthene, Inc. announced that it has completed a previously announced registered direct offering raising gross proceeds for the Company of approximately $6.5 million. Under the terms of the subscription agreements, PharmAthene sold an aggregate of 1,857,143 units to certain institutional investors for a purchase price of $3.50 per unit, with each unit consisting of one share of common stock and one warrant to purchase 0.2 of a share of common stock. The warrants have a five year term and are immediately exercisable at an exercise price of $3.50 per share. The net proceeds to the Company are approximately $5.8 million after placement agent fees and other offering expenses. PharmAthene intends to use the net proceeds from the offering for general corporate purposes. Full Article
PharmAthene, Inc. Announces $6.5 Million Registered Direct Offering
PharmAthene, Inc. announced that it has entered into subscription agreements with certain institutional investors to sell approximately $6.5 million of its common stock and warrants in a registered direct offering. Under the terms of the subscription agreements, at closing, PharmAthene will sell an aggregate of 1,857,143 units for a purchase price of $3.50 per unit, with each unit consisting of one share of common stock and one warrant to purchase 0.2 of a share of common stock. The warrants will have a five year term and will be immediately exercisable at an exercise price of $3.50 per share. The offering is expected to close on or about June 15, 2011 subject to the satisfaction of customary closing conditions. The net proceeds are expected to be approximately $5.8 million after placement agent fees and other offering expenses. PharmAthene intends to use the net proceeds from the offering for general corporate purposes. Full Article
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