Healthcare Industry News: SIGA Technologies
News Release - November 9, 2011
PharmAthene Appoints Linda L. Chang Senior Vice President, Chief Financial OfficerANNAPOLIS, Md., Nov. 9, 2011 -- (Healthcare Sales & Marketing Network) -- PharmAthene, Inc. (NYSE Amex: PIP) announced today that Linda L. Chang has joined the Company as Senior Vice President, Chief Financial Officer, effective November 7, 2011. Ms. Chang is responsible for Accounting, Finance, Information Technology, and Investor Relations functions at PharmAthene.
"We are fortunate to welcome Linda to our executive team," stated Eric I. Richman, President and Chief Executive Officer of PharmAthene. "Ms. Chang brings over a decade of experience in healthcare corporate finance and has a demonstrated track record of success in completing financial transactions and corporate financial management. We expect to leverage her experience as we continue to position PharmAthene for future growth."
Prior to joining PharmAthene, Ms. Chang spent 11 years at Human Genome Sciences, Inc., most recently as Senior Director of Finance. She was a key member of the team that raised over $1.8 billion in equity, issued and restructured over $600 million in convertible debt, and transacted over $950 million in real estate financing. Ms. Chang also managed as much as $1.6 billion in investment portfolios, negotiated letters of credit, and participated in business development efforts, including the purchase of Principia Corporation.
Prior to Human Genome Sciences, Ms. Chang was an Associate at Booz Allen & Hamilton from 1997 to 2000. Earlier in her career, Ms. Chang worked at Grant Thornton, LLP, and Otsuka America Pharmaceuticals, Inc.
Ms. Chang is a Certified Public Accountant. She earned an MBA as well as a Master of Accountancy degree from the University of Georgia and a BS from the University of California, Riverside.
About PharmAthene, Inc.
PharmAthene was formed to meet the critical needs of the United States and its allies by developing and commercializing medical countermeasures against biological and chemical weapons. PharmAthene's lead product development programs include:
* SparVax™ - a second generation recombinant protective antigen (rPA) anthrax vaccine
* Valortim® - a fully human monoclonal antibody for the prevention and treatment of anthrax infection
* Recombinant BChE- a novel bioscavenger for the prevention and treatment of morbidity and mortality associated with exposure to chemical nerve agents
In addition, pursuant to an opinion issued September 22, 2011 from the Delaware Court of Chancery, PharmAthene is entitled to 50% of the net profits over 10 years from all sales of SIGA Technologies' ST-246, a novel smallpox antiviral agent being developed by SIGA for the treatment and prevention of morbidity and mortality associated with exposure to the causative agent of smallpox, and related products, once SIGA receives the first $40 million in net profits from sales of ST-246.
For more information about PharmAthene, please visit www.PharmAthene.com.
Statement on Cautionary Factors
Except for the historical information presented herein, matters discussed may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Statements that are not historical facts, including statements preceded by, followed by, or that include the words "potential"; "believe"; "anticipate"; "intend"; "plan"; "expect"; "estimate"; "could"; "may"; "should"; "will"; "project"; "potential"; or similar statements are forward-looking statements. PharmAthene disclaims any intent or obligation to update these forward-looking statements other than as required by law. Risks and uncertainties include risk associated with the reliability of the results of the studies relating to human safety and possible adverse effects resulting from the administration of the Company's product candidates, unexpected funding delays and/or reductions or elimination of U.S. government funding for one or more of the Company's development programs, the award of government contracts to our competitors, unforeseen safety issues, challenges related to the development, scale-up, technology transfer, and/or process validation of manufacturing processes for our product candidates, unexpected determinations that these product candidates prove not to be effective and/or capable of being marketed as products, challenges related to the implementation of our NYSE Amex compliance plan, as well as risks detailed from time to time in PharmAthene's Forms 10-K and 10-Q under the caption "Risk Factors" and in its other reports filed with the U.S. Securities and Exchange Commission (the "SEC"). Copies of PharmAthene's public disclosure filings are available from its investor relations department and our website under the investor relations tab at www.PharmAthene.com.
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