Full Press Release Details
Financial Officer and
Chief Executive Officer
REPORTS ON CORRESPONDENCE FROM NASDAQ
August 28, 2006-- SIGA Technologies, Inc. (NASDAQ: SIGA) disclosed today that
August 22, 2006, it received a staff determination letter from the Nasdaq Stock
Market ("Nasdaq") indicating that SIGA's common stock is subject to delisting
from the Nasdaq Capital Market. The Nasdaq's determination was based on its July
19, 2006, notice to SIGA informing it that for the 10 consecutive trading days
proceeding the July 19 notice,
SIGA's market value of listed securities had been below the $35,000,000 minimum
required for continued inclusion on the Nasdaq Capital Market under Marketplace
Rule 4310(c)(2)(B)(ii) (the "Rule"). In accordance with Marketplace Rule
4310(c)(8)(C), SIGA was provided with 30 calendar days, until August 18, 2006,
to regain compliance with the Rule, which it did not. SIGA intends to request
hearing in accordance the Marketplace Rule 4800 Series, which hearing request
will stay the suspension and delisting of SIGA's common stock pending a decision
by a Nasdaq Listing Qualifications Panel. There can be no assurance that such
Panel will grant SIGA's request for continued listing.
SIGA Technologies, Inc.
Technologies is applying viral and bacterial genomics and sophisticated
computational modeling in the design and development of novel products for
prevention and treatment of serious infectious diseases, with an emphasis on
products for biological warfare defense. SIGA has the potential to become a
significant force in the discovery of vaccine and pharmaceutical agents to
emerging pathogens. SIGA's product development programs emphasize the
increasingly serious problem of drug resistant bacteria. In
addition to smallpox, SIGA has antiviral programs targeting other Category
viral pathogens, including arenaviruses (Lassa
fever, Junin, Machupo, Guanarito, Sabia, and lymphocytic choriomeningitis),
dengue virus, and the filoviruses (Ebola and Marburg). On
8, 2006, SIGA and PharmAthene Inc., entered into an Agreement and Plan of Merger
pursuant to which SIGA and PharmAthene Inc. have agreed to combine their
businesses through a merger.
information about SIGA, please visit SIGA's Web site at www.siga.com.
Press Release contains 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 of such products. Forward-looking statements are based
management's estimates, assumptions and projections, and are subject to
uncertainties, many of which are beyond the control of SIGA. Actual results
differ materially from those anticipated in any forward-looking statement.
Factors that may cause such differences include the risks that
(a) potential products that appear promising to SIGA or its collaborators
cannot be shown to be efficacious or safe in subsequent pre-clinical or clinical
trials, (b) SIGA or its collaborators will not obtain appropriate or
necessary governmental approvals to market these or other potential products,
(c) SIGA may not be able to obtain anticipated funding for its development
projects or other needed funding, (d) SIGA may not be able to secure
funding from anticipated government contracts and grants, and (e) SIGA may
be able to secure or enforce adequate legal protection, including patent
protection, for its products. More detailed information about SIGA and risk
factors that may affect the realization of forward-looking statements, including
the forward-looking statements in this Press Release and the above-mentioned
presentation, 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, 2005, 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
obligation to publicly update any forward-looking statement as a result of
information, future events or otherwise.