In 2006 when the bad faith boys were playing games and using millions in lawyer fees to surprise Pharmathene the future for PharmAthene looked bright. HUGE funding was in place to fully stock the US with a second method of fighting smallpox, a major stated goal of BARDA. More than 10 million courses were wanted in the US stockpile.
It was a few years later that the "bad faith" boys totally pizzed off BARDA and had the order cut short term to $463 million with an option for the additional 12 million courses to be decided later.
Judge Parsons will make a lump sum award for what could have been possible in 2006.
Pay PharmAthene Lump Sum Expectation Damages
The "bad faith" boys were caught with dirty hands when Chimerix filed their complaint. 12 million more doses were put into jeopardy and how much relief do the "bad faith" boys deserve from what they should owe Pharmathene?
I'm a long time investor in Chimerix and have big doubts about awarding them any part of the BARDA contract for smallpox. I do understand their complaint with Siga and it's a whole nuther story if you want to google and see how the "bad faith" boys got into that disaster. CMX001 does have a very good chance of being approved for other pox infections. Just not for smallpox and the two animal studies that will never see phase III human trials.
New York, NY, October 18, 2006 - SIGA Technologies, Inc. (NASDAQ: SIGA) announced today that its lead drug, SIGA-246, is the first drug ever to demonstrate 100% protection against human smallpox virus in a primate trial conducted at the federal Centers for Disease Control and Prevention (CDC). In this study, once-daily, oral administration of SIGA-246 protected cynomolgus monkeys from smallpox disease following intravenous high dosing with smallpox virus. The drug prevented symptoms of disease whether delivered at the same time as the virus or 24 hours later, supporting the drug's use for both post-exposure prophylaxis and treatment. SIGA-246 completely prevented lesion formation and reduced viral load to non-threatening levels in treated animals with no obvious toxicity. The study was conducted under rigorous bio-safety and -security conditions at the World Health Organization Collaborating Centers for Smallpox and Other Poxvirus Infections' BSL-4 laboratory located at the CDC in Atlanta and was funded by the Department of Health and Human Services, the CDC and the Department of Defense's Defense Threat Reduction Agency under the supervision of Dr. John Huggins, Chief of the Viral Therapeutics Branch, U.S. Army Medical Research Institute of Infectious Diseases.
The competitor is Chimerix, a company I am long and have just recently cut back to a small holding.
Chimerix has a good product CMX001 that has a major flaw that limits it's chances of being approved in an approval process that requires two animal models and no phase III trial will ever be done in humans.
The problem for CMX001
comparison of the levels of CDV-PP after i.v. CDV treatment versus i.m. CMX001 treatment (in healthy monkeys) revealed that the concentration of CDV-PP was much higher in the peripheral blood mononuclear cells (PBMCs) of animals treated with i.v. CDV compared to those treated with i.m. CMX001 (Figure 2). This result is consistent with intracellular conversion of CMX001 to CDV being inefficient in monkeys. Because of this metabolic difference between monkeys and humans, data obtained with CMX001 in monkeys cannot be used to model human exposure.
12 million courses?What happened to the "bad faith" boys?
however, following a protest by a competitor of the Company, BARDA issued a contract modification on June 24, 2011 pursuant to which it deleted the option to purchase the additional courses. Under the BARDA Contract as modified
July 16, 2013 (GLOBE NEWSWIRE) -- SIGA Technologies, Inc. (Nasdaq:SIGA
590,000 courses of Arestvyr (Tecovirimat) and has qualified for a payment of approximately $79 million for the courses delivered to date.
On May 13, 2011, the Company signed a contract with BARDA (the “BARDA Contract”) pursuant to which SIGA agreed to deliver two million courses of Tecovirimat, also known as ST-246 ®, to the U.S. Strategic National Stockpile (the “Strategic Stockpile”). The base contract, worth approximately $463 million , includes $54 million related to development and supportive activities and contains various options to be exercised at BARDA’s discretion. The period of performance for development and supportive activities runs until 2020. As originally issued, the BARDA Contract included an option for the purchase of up to 12 million additional courses of Tecovirimat;
Siga and everyone that has been profiting from the "bad faith" scam have "expensed" a lot on cost of goods for a very long time. Hope Judge Parsons and Delaware's Supreme Court can follow the money trail....
Also waiting for cheaper shares. Maybe some more traders will be unloading at the end of the day?
Those lucky Siga investors are getting cheaper shares again today.
Nothing but day traders selling here. After they are gone it's $3.00 cash on the low end?
How low do PIP shares go today? Bought all I want at $1.80, for now.
Is Parson's telling Siga the bad faith needs to cease and that he is going to make terms really painful if they don't put in real effort at settling this case out of court ASAP?
Bloomberg is saying between $50M (Siga) and $500M plus (Pharmathene). This Ebola crises is giving Parsons a good idea of what a drug of this magnitude is worth. A return of smallpox would be a trillion dollar hit to world markets.
Smallpox is an acute, contagious disease caused by the variola virus, a member of the genus Orthopoxvirus, in the Poxviridae family (see the image below). Virologists have speculated that it evolved from an African rodent poxvirus 10 millennia ago
...Vaccinia virus, monkeypox virus, cowpox virus, and camelpox virus[1, 2] are other members of Orthopoxvirus that infect humans. (See Etiology.) Cowpox virus "scarification" by Jenner, used to induce protective immunity against smallpox, is not a single species but a group of up to 5 virus species that infects cows, humans, and other animals.
Tecovirimat being held in stock with future orders looks like a given.
Smallpox would cause a true panic and Trillions $. Anyone realize smallpox was one of the diseases that were found in an unprotected (cabinent?) in the recent news exposed by CDC, it had been there for years. Any chance...SIGA’s smallpox antiviral will be stocked and reordered for a long time.
Aegis Capita raised to $6
Note the massive amounts of money now being thrown at Ebola. That would be a small fraction of what would be needed if smallpox were to emerge again on the world scene.
"Bad faith", can't you triple damages under certain conditions. Would love to see those nasty Siga folks get back some of their hard earned money from the Wall Street #$%$
profited hugely in owning and trading Siga during all the bad faith. Do the rich just get richer and laugh at the suckers as they sucked many millions out of the "game" they play with small investors?
dawg, there have been a lot of new biotech IPO's and they continue to suck up money. Celladon has to do what is best for the next few years and I do know they expected to bank a lot more cash in their intial IPO. Selling shares may still be in the mix?
Personally I'm in it through 2015 and would like to see as few shares as possible if the 250 patient trial has positive news.
'Breakthrough Therapy" tells me somebody that knows much more than I can guess thinks this treatment has the potential to drastically change CHF.
How many stage III & IV placebo patients Hospital admission in 12 months ? 20/100 (guess)
How many stage III & IV Mydicare patient Hospital admission in 12 months? 4/100 (another wild guess)
Would this become obvious before 2015? Especially if patient is showing (improvement in quality of life in Mydicare arm?)
At least give the healthworkers the choice. Lowest dose with potential that has potential to incrase the potential of survival?
FDA needs to get over their "God Complex".
Picosure becoming a blockbuster for Cynosure?
Breaking Up Is Hard 'Tattoo': 7 Celebs Who Have Removed Their Ex-Themed Ink
* Reading the article I'm thinking there will be much more money to be made in the removal of tattoos than money made during the tattoo craze. Removing a tattoo in 3 to 5 sessions versus 15 plus sessions...Picosure.
Dissappointed I didn't get a big discount today to collect shares
wftglo - I'm more amazed at how many tattoos people are currently getting. Life goes on and a few of those tattoos on each person have to be HUGE regrets. Then you have the age thing....
Totally sold on Cynosure when a sight I regularly visit "MedPage Today" had a midyear update on the Prediction Issue from January. You can visit the site and see the Dermatology update. Dr Avram updates his prediction on Picosure as starting to make a big impact on tattoo removal. According to him nothing compares to this advance in tattoo removal.
Anyone googling tattoo removal is going to be impressed as testimonials abound on how much better this system works. It's a huge worldwide market and Cynosure will be seeing an explosion of orders for the machines due to public demand.
$$$, Wall Street actually has good coverage of this stock and is no doubt seeing the Picosure value being realized in their $35 to $42 targets. Could be a very good August to be in this stock.
Congrats to all