Full Press Release Details
Financial Officer & Acting CEO
ANNOUNCES $9.0 MILLION PRIVATE PLACEMENT
NY, October 19, 2006 -- SIGA
SIGA) announced today that on October 18, 2006 it entered into a Securities
Purchase Agreement for the issuance and sale to institutional investors of
2,000,000 shares of the company's common stock at $4.54 per share and warrants
to purchase 1,000,000 shares of the company's common stock. The warrants are
exercisable at any time and from time to time through and including the seventh
anniversary of the closing date at an exercise price equal to 110% of the
closing price of the company's common stock on October 18, 2006.
of common stock and warrants to purchase common stock was placed by, Empire
Financial Group (EFH: AMEX) and The Shemano Group, institutional brokerage
in San Francisco, CA.
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 believes that it is a leader
the development of pharmaceutical agents and vaccines to fight potential
biowarfare pathogens. In
addition to smallpox, SIGA has antiviral programs targeting other Category
pathogens, including arenaviruses (Lassa
fever, Junin, Machupo, Guanarito, Sabia, and lymphocytic choriomeningitis),
dengue virus, and the filoviruses (Ebola and Marburg). SIGA's
product development programs also emphasize the increasingly serious problem
drug resistant bacteria.
information about SIGA, please visit SIGA's Web site at www.siga.com.
Press Release 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
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, (e) SIGA may not
able to secure or enforce adequate legal protection, including patent protection
for its products and (f) regulatory approval for SIGA's products may
require further or additional testing that will delay or prevent approval.
detailed information about SIGA and risk factors that may affect the realization
of forward-looking statements, including the forward-looking statements in
Press Release, 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.