ANNAPOLIS, Md., July 8, 2016 /PRNewswire/ -- PharmAthene, Inc. (NYSE MKT: PIP), a biodefense company developing medical countermeasures against anthrax, today announced that it has received a $20 million payment from SIGA Technologies, Inc. to extend by 90 days, until October 19, 2016, the date by which SIGA must satisfy the PharmAthene judgment. The payment, made pursuant to the SIGA Bankruptcy Reorganization Plan approved by U.S. Bankruptcy Court for the Southern District of New York effective April 12, 2016, is creditable against final satisfaction of the judgment in favor of PharmAthene of approximately $205 million plus interest and is not refundable.
PharmAthene is a biodefense company engaged in the development of next generation medical countermeasures against biological threats. The Company's development portfolio includes next generation Anthrax vaccines that are 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"; "potential"; or similar statements are forward-looking statements. Risks and uncertainties include risks associated our ability to collect from SIGA Technologies, Inc. the remaining amount of the judgment, with our ability to successfully develop next generation medical countermeasures against biological threats; the ability of our next generation anthrax vaccines to improve protection while having favorable dosage and storage requirements compared to other anthrax vaccines; 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.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/pharmathene-receives-20-million-payment-from-siga-to-extend-payment-deadline-300295948.html
SOURCE PharmAthene, Inc.