SIGA Technologies files for Chapter 11 reorganization
Biological warfare defense firm SIGA Technologies (Nasdaq: SIG) has filed a voluntary petition for relief under chapter 11 of the Bankruptcy Code in the US Bankruptcy Court for the Southern District of New York.
The filing allows SIGA to challenge an expected damages award to competitor USA-based biodefense company PharmAthene (NYSE MKT: PIP) of as much as $232 million without posting the bond (The Pharma Letter August 11). SIGA shares fell 21.5% to $1.13 in early trading today, while PharmAthene dropped 10.9% to $1.96.
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