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PharmAthene Reports Third Quarter 2011 Financial and Operating Results
Date:11/9/2011

ANNAPOLIS, Md., Nov. 9, 2011 /PRNewswire/ --

Third Quarter Highlights

  • Recognized total revenue of $5.3 million
  • Awarded $5.7 million contract from Department of Defense (DoD) for nerve agent medical countermeasure program
  • Delaware Court of Chancery awarded PharmAthene 50% net profit split on worldwide sales of ST-246 and related products once SIGA realizes the first $40 million in net profits
  • Completed 1500L commercial scale-up and first cGMP manufacturing run for SparVax™

    • PharmAthene, Inc. (NYSE Amex: PIP), a biodefense company developing medical countermeasures against biological and chemical threats, today reported financial and operating results for the third quarter ended September 30, 2011.

    Eric I. Richman, President and Chief Executive Officer, commented, "The third quarter was a transformative one for PharmAthene.  As we reported in September, after nearly 5 years of litigation against SIGA Technologies, the Delaware Court of Chancery issued a ruling in favor of PharmAthene.  The court awarded PharmAthene the right to receive 50% of the net profits from sales of SIGA's ST-246 smallpox antiviral therapeutic and related products over 10 years, once SIGA receives the first $40 million in net profits.

    "Based on SIGA's public disclosures, deliveries of this product to the U.S. government could occur as early as late summer 2012 or early 2013.  We believe this represents a major potential revenue stream for PharmAthene that should allow us to accelerate near-term profitability and create enhanced value for PharmAthene shareholders.  

    "Since the ruling, SIGA has subsequently filed a motion for re-argument, which is pending before the Court.  If the Court denies the motion, the parties will have 20 days from that date to submit a proposed form of final judgment, followin
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    SOURCE PharmAthene, Inc.
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