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PharmAthene Awarded for Advanced Development of Protexia(R)
First Recombinant BChE to Meet Department of Defense Selection Criteria
ANNAPOLIS, Md., Sept 25, 2006 /PRNewswire via COMTEX/ -- PharmAthene, Inc., a leading biodefense company specializing in the development and commercialization of medical countermeasures against chemical and biological terrorism, announced today that it has been awarded a multi-year contract valued at up to $213 million from the Department of Defense (DoD) U.S. Army Space and Missile Command, for advanced development of the Company's broad spectrum chemical nerve agent prophylaxis, Protexia(R). "We are extremely pleased to have been chosen by the Department of Defense as the recipient of this important biodefense contract," commented David P. Wright, President and Chief Executive Officer of PharmAthene. "The Department of Defense continues to be at the forefront of the development and procurement of novel therapeutic countermeasures to combat chemical and biological warfare and we are very excited to partner with them to carry out advanced development of Protexia."
Under the contract, PharmAthene will be responsible for the conduct and oversight of all product development activities. The initial stage of development, for which $34.7 million has been allocated, includes manufacturing process development, preclinical safety and toxicity testing, submission of an Investigational New Drug (IND) Application with the United States Food and Drug Administration (FDA), and initiation of a Phase I clinical trial. Following the successful completion of the Phase I clinical trial, the government may exercise its option to fund additional development activities beyond the initial $34.7 million, leading to FDA licensure. The contract also provides the Department of Defense with the option to procure an initial 90,000 doses of Protexia.
"Today's announcement highlights the intense commitment and strong technical capability PharmAthene has demonstrated in assembling and rapidly advancing a comprehensive portfolio of biodefense-focused therapeutics to meet the urgent biosecurity needs of our nation and allies," said Mr. Wright. "Since our acquisition of Protexia last year, we have made rapid progress defining a viable manufacturing process for commercial scale production and demonstrated proof of concept showing protection with Protexia against highly lethal doses of nerve agent exposure. Our proven internal expertise in drug development, in combination with the funding provided under the DoD contract, will significantly enhance our ability to ensure that Protexia becomes an important part of the nation's military and civilian biodefense arsenal."
Mr. Wright continued, "Upon the completion of our proposed merger with SIGA Technologies, Inc., we believe PharmAthene will have one of the broadest portfolios in biodefense with three best-in-class products targeting the highest priority threat assessments identified by the U.S. Government. In addition to Protexia, our post-merger portfolio will include Valortim(TM), for the prevention and treatment of anthrax infection, and ST-246, a small molecule, orally-active antiviral therapeutic for the treatment of smallpox and other orthopox virus infections. We look forward to completing the merger with SIGA and making progress advancing each of these important products."
The Protexia contract was awarded through a full and open competitive solicitation seeking novel second generation prophylactic products for use in humans to prevent and treat poisoning from organophosphorus (OP) nerve agents such as sarin gas, soman, tabun and VX. Protexia is a form of recombinant human butyrylcholinesterase (rBChE), a potent organophosphorus (OP) scavenger protein, being developed for use as a prophylactic to protect U.S. military personnel and civilians from the toxic effects of chemical nerve agents.
"In collaboration with the United States Army Medical Research Institute of Chemical Defense (USAMRICD) and DRDC Suffield we have amassed an impressive collection of data which supports the superior benefit of rBChE in the prevention and treatment of nerve agent toxicity," said Dr. Solomon Langermann, Vice President and Chief Scientific Officer of PharmAthene. "Preclinical studies suggest that in contrast to currently available treatments, rBChE can provide protection against both the physiological and neurological toxicities associated with nerve agent poisoning. In addition, our proprietary manufacturing method enables substantially larger production yields than what is possible with human plasma-derived BChE, suggesting that when developed, Protexia (rBChE) can adequately fulfill the U.S. military and civilian stockpile requirements. It is these unique characteristics which make Protexia the superior choice for military and civilian chemical defense and we look forward to continuing our collaborative work with DoD."
This communication is being made in respect of the proposed merger transaction involving SIGA Technologies, Inc. and PharmAthene, Inc. In addition, SIGA has filed a preliminary proxy statement with the SEC in connection with the transaction and will mail the definitive proxy statement to SIGA shareholders of record at the record date for the special meeting of the shareholders to be held to provide approvals relating to the proposed transaction. The definitive proxy statement that SIGA plans to file with the SEC and mail to its shareholders will contain information about SIGA, PharmAthene, the proposed merger, and related matters. SHAREHOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT CAREFULLY WHEN IT IS AVAILABLE, AS IT WILL CONTAIN IMPORTANT INFORMATION THAT SHAREHOLDERS SHOULD CONSIDER BEFORE MAKING A DECISION ABOUT THE MERGER. In addition to receiving the proxy statement and proxy card by mail, shareholders will also be able to obtain the definitive proxy statement, as well as other filings containing information about SIGA, without charge, from the SEC's website (http:/www.sec.gov) or, without charge, by contacting Thomas Konatich at SIGA at (212) 672-9100. This announcement is neither a solicitation of proxy, an offer to purchase, nor a solicitation of an offer to sell shares of SIGA.
SIGA and its executive officers and directors may be deemed to be participants in the solicitation of proxies from SIGA's shareholders with respect to the matters relating to the proposed merger. PharmAthene may also be deemed a participant in such solicitation. Information regarding SIGA's executive officers and directors is available in SIGA's Annual Report on Form 10-K, for the year ended December 31, 2005. Information regarding any interest that PharmAthene or any of the executive officers or directors of PharmAthene may have in the transaction with SIGA will be set forth in the definitive proxy statement that SIGA intends to file with the SEC in connection with the matters to be approved in connection with the proposed merger. Shareholders of SIGA can obtain this information by reading the definitive proxy statement when it becomes available.
-------------------- Trading is a blast!! Posts: 4921 | From: Rhode Island | Registered: May 2005
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Aftermarket Mover: PMC Slides on Warning Monday September 25, 5:29 pm ET PMC Sierra Shares Fall After Sales Shortfall Warning; AngioDynamics Shares Climb After Strong 1Q Results
NEW YORK (AP) -- Telecom and networking semiconductor company PMC-Sierra Inc. saw its shares recede in after-hours electronic trading Monday after it warned of lower than expected revenue for the third quarter.
ADVERTISEMENT click here PMC said it expects sales for the quarter to range from $114 million to $116 million, down from the second quarter and below the company's previous outlook of $122 million to $124 million.
Analysts, on average, were looking for sales of $123.2 million, according to a poll by Thomson Financial.
The company said demand was lower for its communications products, and added that, thanks to cost-cutting measures, it also expects its operating expenses to be lower than its prior forecast.
The Santa Clara, Calif.-based company's shares fell 68 cents, or nearly 10.4 percent, to $5.87 in after-hours trading on the INET electronic exchange. The stock closed up 8 cents at $6.55 on the Nasdaq.
Vaccine developer Siga Technologies Inc., meanwhile, saw its stock nearly double after privately held PharmAthene Inc., which is in the process of acquiring a majority stake in Siga, received a large Department of Defense contract.
PharmAthene, of Annapolis, Md., said it received a multiyear contract worth up to $213 million for the development of Protexia, a "pre- and post-exposure therapy for casualties on the battlefield or civilian victims of nerve agent attacks," as described on the company's Web site.
New York-based Siga's shares rose 93 cents, or 88 percent, to $1.99 in after-hours trading, having closed up a penny at $1.06 on the Nasdaq.
Shares of medical device maker AngioDynamics Inc. also climbed, after the company said its fiscal first-quarter profit jumped 47 percent as sales of its drainage catheters and other products climbed.
The results beat analyst expectations, and the Queensbury, N.Y. company's shares rose 90 cents, or 4.7 percent, to $20.15 on INET, after closing up 60 cents, or 3.2 percent, at $19.25 in the regular trading session on the Nasdaq.
Also on the medical front, Arena Pharmaceuticals Inc.'s shares slid 86 cents, or 7 percent, to $11.39 on INET after the drug developer said its development partner Merck & Co. Inc. stopped work on a potential atherosclerosis treatment, citing results from a mid-stage study.
San Diego-based Arena's shares closed up 3 cents at $12.25 in the regular trading session on the Nasdaq.
Merck shares dipped a penny to $41.95 on INET, from their New York Stock Exchange close at $41.96.
-------------------- Anyone who lives within their means suffers from a lack of imagination.- Oscar Wilde Posts: 90 | Registered: Jun 2006
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So sweet. I had also just bought another 5K shares last week *$1.03. If SIGA owns 32.5% of PharmAcene that would be like them getting a 65M grant. Keep in mind that PharmAcene has several other big bio-defense drugs in their pipeline. Their drug Valartim is supposed to be their flagship moneymaker. Those of us who own SIGA know they also have potential blockbusters including SIGA 246 which is the most advanced smallpox vaccine, and get this ...it is oral - no shots. How much would that be worth if it was ordered worldwide? I said months ago that I would not think about selling until at least $7. I think that might now be too low. Baton
-------------------- Stick with Repo's plan in '07 - FRPT/DKAM! Posts: 6379 | From: PA | Registered: Dec 2004
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This was a big news yesterday; missed the intial run but in now at 2.04- i think this will run to much higher levels
Posts: 4071 | Registered: Dec 2005
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I should've waited a little longer, but oh well I'm preety satisfied with my entry bcuz this will go again
Posts: 4071 | Registered: Dec 2005
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Well, its a huge contract, they are beginning to make revenue, and insiders loaded up in the 1.60's. I like its prospects. Have to do more DD but I'm in for now.
-------------------- Stick with Repo's plan in '07 - FRPT/DKAM! Posts: 6379 | From: PA | Registered: Dec 2004
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WOW! This has a very small float!27.5 Mil with 5Mil traded yesterday before AH's!
Posts: 180 | From: Maine | Registered: Apr 2006
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I'm a newbie, invested some money in this one yesterday without much research on the company. Any thoughts would be appreciated and helpful. It's not looking too good right now
Posts: 45 | Registered: Sep 2006
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well repoman, reading ur posts above it seems as if u really like this stock. Next FRPT - that would be great; I think patience is the key to win with this particular stock
Posts: 45 | Registered: Sep 2006
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Yeah, I bought more at 1.55, averaged down. But I'm just going to hold for awhile. Have to wait until financials when this contract hits the bottom line. Just be patient.
-------------------- Stick with Repo's plan in '07 - FRPT/DKAM! Posts: 6379 | From: PA | Registered: Dec 2004
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quote:Originally posted by Repoman75: Yeah, I bought more at 1.55, averaged down. But I'm just going to hold for awhile. Have to wait until financials when this contract hits the bottom line. Just be patient.
amazing repo...
did you read the Filing Date: 9/19/2006 Form Type: PRER14A
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Repo...would this fall under your rule #3 or #5? J/K...
quote:Originally posted by Repoman75: Yeah, I bought more at 1.55, averaged down. But I'm just going to hold for awhile. Have to wait until financials when this contract hits the bottom line. Just be patient.
-------------------- #1 Rule: Protect your capital! #2 Rule: Never fall for the BS on the boards! Posts: 8890 | Registered: Jan 2006
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