PharmAthene, Inc. (NYSE MKT: PIP), a biodefense company developing medical countermeasures against anthrax, today received a final payment from SIGA Technologies, Inc. of $83.9 million which fully satisfies the judgment owed to PharmAthene. In total, PharmAthene has received payment of approximately $217 million including interest from SIGA.
Barring any unexpected material events, PharmAthene intends to distribute to its shareholders at least 90% of the after tax net cash proceeds of the $217 million in total payments it received from SIGA. The timing and form of such a potential distribution will depend upon PharmAthene's analysis of its current situation, applicable corporate statutes relating to distributions, and the economic consequences to its shareholders. PharmAthene expects to provide further details of such a distribution in the near future.
About PharmAthene
PharmAthene is a biodefense company engaged in the development of next generation medical countermeasures against biological threats. The Company's development portfolio includes a next generation anthrax vaccine that is intended to improve protection while having favorable dosage and storage requirements compared to other anthrax vaccines.
