Moderator: This conference call contains or implies certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding the efficacy

conference call contains or implies certain "forward-looking statements" within

the meaning of the Private Securities Litigation Reform Act of 1995, as amended,

including statements regarding the efficacy of potential products, the timelines

for bringing such products to market and the availability of funding sources for

continued development and possible eventual approval of such products.

Forward-looking statements are based on management's estimates, assumptions and

projections, and are subject to uncertainties, many of which are beyond SIGA's

control. Actual results may differ materially from those anticipated in any

forward-looking statement. Factors that may cause such differences include the

risks that (i) potential products that appear promising to SIGA or its

collaborators cannot be shown to be efficacious or safe in subsequent

preclinical or clinical trials, (ii) SIGA or its collaborators will not obtain

appropriate or necessary governmental approvals to market these or other

potential products, (iii) SIGA may not be able to obtain anticipated funding for

its development projects or other needed funding, (iv) SIGA may not be able to

secure funding from anticipated government contracts and grants, (v) SIGA may

not be able to secure or enforce sufficient legal rights in its products,

including sufficient patent protection for its products, (vi) any challenge to

our patent and other proprietary rights, if adversely determined, could affect

our business and, even if determined favorably, could be costly, (vii)

regulatory approval for SIGA's products may require further or additional

testing that will delay or prevent approval, (viii) the Biomedical Advanced

Research & Development Authority may not complete the procurement set forth

in its solicitation for the acquisition of a smallpox antiviral for the

strategic national stockpile, or may complete it on different terms; (ix) the

volatile and competitive nature of the biotechnology industry may hamper SIGA's

efforts, (x) changes in domestic and foreign economic and market conditions may

adversely affect SIGA's ability to advance its research or its products, (xi)

changing federal, state and foreign regulation on SIGA's businesses may

adversely affect SIGA's ability to advance its research or its products and

(xii) market conditions may not permit an offering of securities or be

sufficiently attractive to market participants to allow any offering to succeed.

More detailed information about SIGA and risk factors that may affect the

realization of forward-looking statements, including the forward-looking

statements in this conference call, is set forth in SIGA's filings with the

Securities and Exchange Commission, including SIGA's Annual Report on Form 10-K

for the fiscal year ended December 31, 2008, and in other documents that SIGA

has filed with the Commission. SIGA urges investors and security holders to read

those documents free of charge at the Commission's Web site at

http://www.sec.gov. Interested parties may also obtain those documents free of

charge from SIGA. Forward-looking statements speak only as to the date they are

made, and, except for any obligation under the U.S. federal securities laws,

SIGA undertakes no obligation to publicly update any forward-looking statement

as a result of new information, future events or otherwise.

for joining us this morning and for your interest in SIGA. My three objectives

for this call are to:

with the RFP, on Friday, December 11th, BARDA posted its 7th

amendment to the original solicitation announced on March 11,

2009. The changes include:

several important inferences from this most recent set of changes:

to turn now to a brief discussion of our smallpox anti-viral drug

a proprietary, orally bioavailable new chemical entity for the treatment of

smallpox, a deadly and disfiguring disease not effectively treated by any

currently marketed drug. Development of effective smallpox

therapeutics has been pursued for centuries, and has been a worldwide research

priority for at least several decades. While smallpox was eradicated

in 1977, the recent instances of global terrorism, the loss of population

immunity due to the cessation of routine smallpox vaccination in the United

State more than forty years ago, the complex logistics of rapid emergency

vaccination of the population, and the likelihood that a portion of the

population would refuse or would be unsuitable for vaccination have all served

to increase the need for an effective smallpox therapeutic.

kills 20 to 30% of its victims, while disfiguring the majority of its survivors.

In the event of an outbreak of smallpox infecting 1.7 million American adults,

an effective smallpox anti-viral has the potential to save hundreds of thousands

of lives. In an outbreak in 12 million or more, millions could be

saved. Because children and the elderly would also be affected by the

disease, special oral formulations of a smallpox anti-viral drug for children

and the elderly and intravenous formulations for those critically ill would

obviously be highly desirable as part of a

comprehensive preparedness strategy. Any outbreak of

smallpox would represent an international public health emergency, and we

believe that many other countries are interested in stockpiling an effective

smallpox anti-viral.

believe ST-246 mediates a protein-protein interaction of the virally encoded

gene product of F13L, which is essential for egress of the pathogenic form of

the virus from infected cells. The unraveling and exploitation of

this unique biology was accomplished entirely at SIGA. Our scientists

have successfully addressed risks and barriers associated with target validity,

medicinal chemistry, oral bioavailability, pharmacokinetics, and toxicology, and

ST-246 has shown unprecedented efficacy in non-human primate models, even where

the model disease is arguably more lethal than human smallpox. Any other

potential smallpox anti-viral drug candidate would need to overcome these same

risks and barriers. The composition of matter patents on the drug are wholly

owned by SIGA with expiry in 2025, while a new set of patents regarding key

issues of formulation and shelf-life have been filed this year.

Within this context, we strongly believe that ST-246 is a unique achievement

fostered by Project Bioshield.

now to questions we've been asked frequently:

short, we remain as highly confident of the commercialization prospects of our

drug in the near future as at any time in our corporate history.

this up, let me again thank you, our shareholders, for your interest in us at

SIGA. We enter 2010 with an outstanding, dedicated and energized team, a

strengthened balance sheet, more than $80 million of non-dilutive awarded yet

unspent federal grants and contracts to support our programs, and the highest

level of confidence in our corporate history that we can soon transition from a

development stage to a robust commercial stage company. We hope you

are as excited as we are about our prospects, and look forward to continuing to

update you on our progress.

does conclude today's conference. Thank you for your