Replies to post #868 on GTC Biotherapeutics (fka GTCB)

[DewDiligence]

Good catch.

Here’s an oldie on GTC’s own biodefense potential, such as it is: #msg-3631094.

[OKY]

SIGA is down from about $2.25 to $1.49, dropped .14c today
Is this a buying opportunity or did something happen. This reminds me of GTCB, the better the news the lower it goes.

OKY

[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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[DewDiligence]

PharmAthene has a new merger partner:
#msg-16381515.

[DewDiligence]

US DoD Increases Protexia Funding

[The potential contact value including all milestones and options is now $219M.]

http://biz.yahoo.com/prnews/080326/new005.html?.v=41

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Department of Defense Awards $5.8 Million Contract Modification Providing Additional Funding for PharmAthene's Protexia Program

Wednesday March 26, 8:30 am ET

ANNAPOLIS, Md., March 26 /PRNewswire-FirstCall/ -- PharmAthene, Inc., (Amex: PIP ) a biodefense company specializing in the development and commercialization of medical countermeasures against chemical and biological terrorism, announced today that it has been awarded a contract modification providing an additional value of $5.8 million for continued development of Protexia®, the Company's broad spectrum chemical nerve agent prophylaxis.

In September 2006, PharmAthene was awarded a multi-year contract from the Department of Defense (DoD) U.S. Army Space and Missile Command for advanced development of Protexia® valued at up to $213 million, provided that certain milestones are achieved and that all contract options and extensions are exercised by the government.

The work made possible by this award will provide an additional value of $5.8 million and has been provided through a contract modification initiated by DoD. Including these additional funds, the contract is now valued at up to $219 million, assuming all milestones are achieved and that all contract extensions and options are exercised by the DoD.

"Our successful performance to date has permitted the Department of Defense to provide additional funding which enables PharmAthene to pursue activities aimed at further enhancing the program," commented Dr. John Troyer, Senior Program Director for Protexia®. "We are delighted at the continued strong interest and support from the DoD in our Protexia® program."

"The DoD continues to be at the forefront of the development of novel medical countermeasures and we are very pleased and fortunate to have such an outstanding partner with which to collaborate on our Protexia® program," continued Dr. Troyer.

Preclinical studies suggest that recombinant butyrylcholinesterase used as a prophylactic against nerve agents would add a valuable capability to the spectrum of existing nerve agent therapeutics. Recombinant butyrylcholinesterase has been shown to bind with nerve agents to prevent lethality in in vivo challenge studies with nerve agents. As a prophylactic, recombinant butyrylcholinesterase may reduce or eliminate the need for post-exposure therapeutics. In addition, our proprietary manufacturing method enables substantially larger production yields than what is possible with human plasma-derived BChE, suggesting that when developed, Protexia® could adequately fulfill the U.S. military and civilian stockpile requirements. It is these unique characteristics which make Protexia® the superior choice for military and civilian chemical defense," said Dr. Troyer.

About Protexia®: PEGylated Recombinant Human Butyrylcholinesterase (rBChE)

Protexia® is a form of recombinant human butyrylcholinesterase (rBChE), a potent organophosphorus (OP) scavenger protein produced in the milk of transgenic goats, which is being developed for use as a prophylactic against acute organophosphorus (OP) nerve agent toxicity.

About Chemical Weapons

Organophosphorus nerve agents, or anti-cholinesterase agents, were discovered in the 1930s following intensive research into new insecticides. Their discovery represents the beginning of modern chemical warfare. These agents cause toxicity by binding to and inhibiting acetylcholinesterase, an enzyme in the body that is essential for nervous system function, leading to increases in acetylcholine and "cholinergic crisis" that can cause loss of muscle control, respiratory failure, paralysis, convulsions, permanent brain damage and eventually death.

These so-called nerve gases, which are actually all liquids at room temperature, are lethal far more quickly and in far lower concentrations than other classical chemical warfare agents such as vesicants, choking agents and blood agents, and are effective both when inhaled and when absorbed through the skin. Nerve agents can be classified as either G-agents (sarin, soman, tabun) or V-agents (VX), both of which are exceedingly toxic.

About PharmAthene, Inc.

PharmAthene (Amex: PIP ) was formed to meet the critical needs of the United States and its allies by developing and commercializing medical countermeasures against biological and chemical weapons. PharmAthene's lead programs include Valortim(TM) for the prevention and treatment of anthrax infection and Protexia® for the prevention and treatment of morbidity and mortality associated with exposure to chemical nerve agents. For more information on PharmAthene, please visit http://www.PharmAthene.com.
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