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PharmAthene: Court Upholds Ruling That SIGA Breached Contractual Obligation

PharmAthene Inc. (PIP) announced Sunday that the Delaware Supreme Court upheld the earlier ruling that SIGA Technologies (SIGA) breached its contractual obligation to negotiate in good faith.

The court has remanded the case to the Delaware Court of Chancery for further reconsideration of the damages award, consistent with its opinion.

"We are pleased by this positive decision from the Delaware Supreme Court, which conclusively affirms SIGA's liability for their failure to negotiate the terms of a license agreement with us in good faith," said Eric Richman, President and Chief Executive Officer.

In addition, the Supreme Court also upheld the Delaware Court of Chancery decision entitling PharmAthene to receive reimbursement for a portion of its legal fees and expert witness costs and remanded to the Court of Chancery for further reconsideration of the amount of those fees and costs consistent with its opinion.

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