The Day In Review: PharmAthene, Inc. Takes Reverse Merger Route With SIGA Technologies, Inc.

June 9, 2006 -- For the second time in two days, a biotech will use backdoor IPO strategy of the reverse merger. This time, privately held PharmAthene will merge with SIGA Technologies, a company with a market value of $36 million; Pozen fell 60% after it received an approvable letter for migraine drug Trexima; Zetia from Merck and Schering-Plough, a cholesterol drug, is now indicated for mixed hyperlipidemia; Millennium filed for approval of Velcade for lymphoma; Sanofi-Aventis suspended trials of its antibiotic Ketek; Hana Biosciences received orphan drug designation for its brain cancer drug; and Warner Chilcott filed for the biggest IPO of the year in the biotech/pharma sector. The Centient Biotech 200™ dropped 12 points to 3622.39, a loss of .33%. More details...