SIGA Announces That Delaware Supreme Court Affirms Court of Chancery Opinion
SIGA Technologies, Inc. a company specializing in the commercialization of solutions for serious unmet medical needs and biothreats, today announced that the Delaware Supreme Court affirmed the prior Court of Chancery Opinion in which the court awarded PharmAthene, Inc. approximately $195 million, including pre-judgment interest up to January 15, 2015.
Dr. Eric A. Rose, SIGA's Chairman and Chief Executive Officer, said, "We are surprised and very disappointed by this ruling. Nevertheless, in anticipation of a ruling by the Delaware Supreme Court, on December 15, 2015, SIGA filed a plan of reorganization ("the Plan") in its pending case under chapter 11 of the United States Bankruptcy Code. The Plan, among other things, affords SIGA with certain options to satisfy PharmAthene's claim. The Plan is supported by the Official Committee of Unsecured Creditors appointed in SIGA's chapter 11 case, of which PharmAthene is one of two members. We remain absolutely committed to continuing to produce and deliver our smallpox antiviral drug, Tecovirimat, to the US Government's Biomedical Advanced Research and Development Authority, pursuing FDA approval and operating our business."
