Siga Bid for Reargument in PharmAthene Smallpox Drug Case Denied by Judge
Stock Chart for PharmAthene Inc (PIP)
Siga Technologies Inc. failed to persuade a Delaware Chancery Court judge to reconsider his award of 50 percent of the profit from a smallpox drug to PharmAthene Inc. (PIP), according to court papers.
In an opinion today, Judge Donald Parsons affirmed his earlier decision that Siga should share possible proceeds of more than $400 million.
“The standard applicable to a motion for reargument is well-settled,” and “ the moving party bears a heavy burden,” Parsons wrote in a 19-page opinion. “Motions for reargument must be denied when a party merely restates its prior arguments.”
New York-based Siga alleged in a court filing that Parsons “misapprehended both the law and the facts” in awarding a share of ST-246’s profit to Annapolis-based PharmAthene. Parsons earlier said Siga breached its obligation to negotiate in good faith on the antiviral drug designed for use in case of a biological attack.
The case is PharmAthene Inc. v. Siga Technologies Inc. (SIGA), CA2627, Delaware Chancery Court (Wilmington).
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