SIGA Technologies (SIGA) Says Bankruptcy Court Approves Transaction to Pay PharmAthene Claim in Full
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SIGA Technologies, Inc. (SIGA) (OTCMKTS: SIGA),SIGA Technologies, Inc., a company specializing in the commercialization of solutions for serious unmet medical needs and biothreats, announced today that the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) today entered an order approving SIGA’s proposed transaction under Option 1 of the Debtor’s Third Amended Chapter 11 Plan, dated April 7, 2016, under which SIGA will pay PharmAthene the entire balance of the outstanding judgment on or before November 30, 2016. A copy of the Order, as entered by the Bankruptcy Court, can be found at https://cases.primeclerk.com/siga/.
“We are pleased the Bankruptcy Court has approved SIGA’s proposed transaction. We look forward to continuing to grow our business by delivering on our contracts with the U.S. Government and advancing the ongoing clinical trials of TPOXX with the goal of FDA approval,” said Eric Rose, Chairman and CEO, SIGA Technologies, Inc.
Last month, SIGA announced completion of enrollment and dosing in the second and final cohort of healthy subjects for the Phase III clinical study for its lead drug candidate, TPOXX™ (tecovirimat), for the treatment of orthopoxvirus infections. There were no drug-related Serious Adverse Events reported through 14 days of dosing, and 14 days of additional follow up. This final cohort of the Phase III pivotal safety study was conducted at eleven approved clinical investigation sites in a total of approximately 380 subjects.
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