It looks like PharmAthene (PIP +7.7%) investors will be in for another roller coaster of a session as the stock jumps out of the gate after the FDA lifts its clinical hold on the company's SparVax vaccine program. (Recently: PIP/SIGA claim legal victory) (PR)
Investors who took a "glass is half full" approach regarding shares of both PharmAthene (PIP -11.3%) and SIGA Technologies (SIGA -0.3%) Tuesday after each company essentially claimed it came out ahead in a recent court ruling, are changing course today, as both companies trade lower, with PIP off double-digits. See SA contributor G. Hudon's recent article (and comments section) for more.
PharmAthene (PIP) soars 28% premarket after the Delaware Supreme Court upholds an earlier ruling against SIGA Technologies (SIGA) for breach of contractual obligation. In related news: SIGA jumps 10% premarket on the same court ruling as the company notes the court reversed an "equitable payment stream" decision. SIGA also says it intends to establish in Chancery Court "that PIP's evidence of expectancy damages is too speculative, contingent, and conjectural to permit an award." (previous)
PharmAthene (PIP -7%) trades lower today after saying that it's awaiting a ruling after the Delaware Supreme Court heard oral arguments today related to on-going litigation against SIGA Technologies. SIGA appealed the final judgment in favor of PIP issued in May, in which PIP was awarded 50% of the net profits over a period of ten years from all sales of SIGA's smallpox antiviral therapeutic, Arestvyr.
PharmAthene (PIP) sinking, down 15.1% premarket, as the FDA says it's put the firm's SparVax anthrax vaccine program on clinical hold. Details to come from the agency within 30 days, but no adverse effects have been reported as the trial hadn't yet begun.
PharmAthene (PIP +37%) soars today, after a U.S. court upheld a ruling awarding it a portion of profits received by Siga Technologies (SIGA -2.6%) from its smallpox antiviral drug, ST-246. The decision is just the latest development in what has turned out to be a long-running legal battle between the two companies.