ANNAPOLIS, Md., Nov. 16, 2016 /PRNewswire/ -- PharmAthene,
Inc. (NYSE MKT: PIP), a biodefense company developing medical
countermeasures against anthrax, today received a final payment
from SIGA Technologies, Inc. of $83.9
million which fully satisfies the judgment owed to
PharmAthene. In total, PharmAthene has received payment of
approximately $217 million including
interest from SIGA.
Barring any unexpected material events, PharmAthene intends to
distribute to its shareholders at least 90% of the after tax net
cash proceeds of the $217 million in
total payments it received from SIGA. The timing and form of such a
potential distribution will depend upon PharmAthene's analysis of
its current situation, applicable corporate statutes relating to
distributions, and the economic consequences to its shareholders.
PharmAthene expects to provide further details of such a
distribution in the near future.
About PharmAthene
PharmAthene is a biodefense company engaged in the development
of next generation medical countermeasures against biological
threats. The Company's development portfolio includes a next
generation anthrax vaccine that is intended to improve protection
while having favorable dosage and storage requirements compared to
other anthrax vaccines.
Forward-Looking Statement Disclaimer
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"; "will"; "project";
or similar statements are forward-looking statements. Risks and
uncertainties include risks associated with our ability to make
distributions of at least 90% of the cash proceeds we received from
SIGA pursuant to the judgment; the timing, amount and form of such
a distribution; and other risks detailed from time to time in
PharmAthene's Forms 10-K and 10-Q under the caption "Risk Factors"
and in its other reports filed with the U.S. Securities and
Exchange Commission. PharmAthene disclaims any intent or obligation
to update these forward-looking statements other than as required
by law.
Copies of PharmAthene's public disclosure filings are available
on our website under the investor relations tab at
www.PharmAthene.com.
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SOURCE PharmAthene, Inc.
