GTC Biotherapeutics (fka GTCB)

[DewDiligence]

SIGA Terminates Merger Agreement with PharmAthene

[SIGA evidently concluded that they were too good for PharmAthene, the company that acquired the rights to Protexia from Nexia (#msg-5036760) and has a GTC connection (#msg-4107224). I assume that PharmAthene will get a breakup fee from SIGA, but this is not mentioned in the PR.

One of the regulars on iHub likes to say that you cannot make a flying eagle out of two turkeys, and I think that’s apropos here.]

http://biz.yahoo.com/bw/061004/20061004006001.html?.v=1

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Wednesday October 4, 5:10 pm ET

NEW YORK--(BUSINESS WIRE)--SIGA Technologies, Inc. (NASDAQ: SIGA ) disclosed today that it had terminated its Agreement and Plan of Merger with PharmAthene, Inc., pursuant to the terms of that agreement.

In reaching its decision, the SIGA Board of Directors considered many factors, including recent positive scientific data and the receipt of approximately $27 million in grants for its smallpox and arenavirus programs over the last several months, which amount includes a grant of $16.5 million from the National Institutes of Health also announced today.

Donald Drapkin, Chairman of the Board of SIGA, commented, "SIGA is excited about its future and committed to the development and successful completion of its lead product candidate, SIGA-246, a smallpox antiviral treatment, as well as its other anti-viral and anti-infective programs."

About SIGA Technologies, Inc.

SIGA Technologies is applying viral and bacterial genomics and sophisticated computational modeling in the design and development of novel products for the prevention and treatment of serious infectious diseases, with an emphasis on products for biological warfare defense. SIGA has the potential to become a significant force in the discovery of vaccine and pharmaceutical agents to fight emerging pathogens. SIGA's product development programs emphasize the increasingly serious problem of drug resistant bacteria. In addition to smallpox, SIGA has antiviral programs targeting other Category A viral pathogens, including arenaviruses (Lassa fever, Junin, Machupo, Guanarito, Sabia, and lymphocytic choriomeningitis), dengue virus, and the filoviruses (Ebola and Marburg). For more information about SIGA, please visit SIGA's Web site at www.siga.com.
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