[Free Report] SIGA Files for Bankruptcy; NeuroDerm Files for IPO
SIGA Technologies filed for Chapter 11 bankruptcy protection Tuesday as it seeks time to appeal a court order favoring PharmAthene. In an earlier ruling, the Delaware Court of Chancery found SIGA had failed to execute its licence agreement with PharmAthene relating to the smallpox drug Tecovirimar.
SIGA believes the lump sum payment and damages it owes may be as much as $232 million. The company lists assets of $209.5 million and liabilities of $197.9 million. SIGA says the filing was the only way to stop PharmAthene from enforcing the Chancery court’s judgement and continue as a going concern, preserving its ability to supply Tecovirimar to the U.S. Strategic National Stockpile under the Project BioShield Act of 2004.
Israel based NeuroDerm filed with the SEC for a $65 million initial public offering Monday. The number of shares to be offered and price range have not yet been set. NeuroDerm intends on listing on Nasdaq under the symbol “NDRM” . Jefferies and Cowen are acting as joint book-running managers. Oppenheimer and Roth Capital are co-managers of the proposed offering.
NeuroDerm’s lead products are liquid formulations of levodopa/carbidopa administered subcutaneously for the treatment of movement disorders in Parkinson’s disease patients. The most advanced candidate is in Phase II development.
Author has no position in stocks mentioned