PharmAthene to merge with Siga Technologies

PharmAthene and Siga Technologies plan to merge and create a company focused on biodefense, with products for "anthrax, smallpox and chemical nerve agents, as well as a robust pipeline of therapeutic and prophylactic drug candidates targeting Category A biowarfare agents and emerging infectious diseases." As part of the deal, PharmAthene with give Siga $3 million in interim financing. The combined company will operate as PharmAthene, with Siga shareholders owning 32 percent of the shares.

"SIGA-246, the most advanced smallpox treatment currently in development, is a small molecule orally-active antiviral therapeutic, which ideally complements PharmAthene's Valortim, a monoclonal antibody in development for the prevention and treatment of anthrax infection, and Protexia, a recombinant bioscavenger in development for chemical nerve agent poisoning," said PharmAthene CEO David P. Wright. "Our combined biodefense portfolio will target three of the top five biodefense priorities under Project BioShield. SIGA-246 has already shown promise in multiple animal models, and PharmAthene's Valortim is currently undergoing human safety testing and is positioned for procurement."

- here's the press release for more information