PharmAthene announced last week that it has fulfilled its obligations under a fixed price, indefinite delivery, indefinite quantity (IDIQ) contract, awarded in 2013 by the Biomedical Advanced Research and Development Authority (BARDA) for the Company’s anthrax anti-toxin, Valortim.
Under the IDIQ contract, PharmAthene was selected to provide a specified quantity of its Valortim anthrax anti-toxin master cell bank for secure storage by the government as part of a risk mitigation strategy for anthrax medical countermeasures.
PharmAthene is a biodefense company engaged in the development and commercialization of next generation medical countermeasures against biological and chemical threats. PharmAthene’s current biodefense portfolio includes the following candidates:
- SparVax – a next generation recombinant protective antigen (rPA) anthrax vaccine (liquid and lyophilized formulations)
- rBChE bioscavenger – a medical countermeasure for nerve agent poisoning by organophosphorous compounds, including nerve gases and pesticides
- Valortim – a fully human monoclonal antibody for the prevention and treatment of anthrax infection
In August 2014, the Delaware Court of Chancery issued a Memorandum Opinion and Order and awarded to PharmAthene lump sum expectation damages for the value of PharmAthene’s lost profits for SIGA Technologies, Inc.’s smallpox antiviral, Tecovirimat, also known as ST-246. In addition, the Court of Chancery ordered SIGA to pay pre-judgment interest and varying percentages of PharmAthene’s reasonable attorneys’ and expert witness fees.
A judgment, specifying the damages amount and fees payable to PharmAthene is expected to be issued by the Court of Chancery later this year and will remain subject to appeal.
Source: PharmAthene press release, adapted.