PharmAthene Announces U.S. Bankruptcy Court Partially Lifts Litigation Stay To Permit Delaware Court To Proceed Towards Final Judgment

PharmAthene, Inc. (NYSE MKT: PIP) today announced that the United States Bankruptcy Court for the Southern District of New York has partially lifted the stay of PharmAthene's litigation against SIGA Technologies, Inc., in the Delaware Court of Chancery. The order allows the Chancery Court to issue a final judgment and the parties to pursue appeals thereof. Enforcement of any judgment, once entered will remain subject to the Bankruptcy Court stay. Separately, the Company announced that the United States Trustee has selected PharmAthene to serve on the Official Committee of Unsecured Creditors of SIGA Technologies, Inc., debtor-in-possession. As a member of the Committee, PharmAthene will play an active role in the bankruptcy proceedings. In its filings with the Bankruptcy Court, SIGA indicated that it expects to continue to perform under its contract with the Biomedical Advanced Research and Development Authority (BARDA) and is eligible to receive up to an additional $211.5 million in revenue under this contract, in addition to the $198 million it has already received. A copy of the Delaware Court's opinions including the present decision and order in the case are available on PharmAthene's website at www.pharmathene.com under the "Investor Relations" tab.