Court Orders SIGA Technologies To Pay PharmAthene Lump Sum Expectation Damages

(RTTNews) - PharmAthene, Inc. (PIP) said that on August 8, 2014, the Delaware Court of Chancery issued a Memorandum Opinion and ordered SIGA Technologies Inc. (SIGA) to pay PharmAthene lump sum expectation damages for the value of PharmAthene's lost profits for SIGA's smallpox antiviral, Tecovirimat, formerly known as ST-246 and Arestvyr.

In addition, the Court ordered SIGA to pay prejudgment interest and varying percentages of PharmAthene's reasonable attorneys' and expert witness fees.

Eric Richman, President and Chief Executive Officer of PharmAthene said, "We are extremely pleased by the Chancery Court's ruling to award PharmAthene lump sum expectancy damages that it suffered due to SIGA's breach of contract. We look forward to working with our damages expert to calculate the lump sum damage amounts in accordance with the Court's decision and its instructions in the accompanying order."