SIGA Technologies Inc. (SIGA)

[investorsa]

NEW YORK, May 15, 2013 (GLOBE NEWSWIRE) -- SIGA Technologies, Inc. (SIGA), a company specializing in the development of pharmaceutical agents to fight pathogens capable of use as bioweapons, today reported its financial results for the quarter ended March 31, 2013.

Revenue for the three months ended March 31, 2013 was $1.3 million, compared to $1.5 million in the first quarter of 2012, and the operating loss for the quarter was $5.8 million, compared to $5.5 million for the comparable quarter last year.

During the first quarter, SIGA announced the delivery of approximately 190,000 courses of Arestvyr(TM) to the United States Government's Strategic National Stockpile under SIGA's contract with the Biomedical Advanced Research and Development Authority (BARDA). This delivery represents the first of a series of planned deliveries of SIGA's proprietary smallpox antiviral drug.

Key Financial Results for First Quarter 2013

Revenues

For the quarters ended March 31, 2013 and 2012, revenue was $1.3 million and $1.5 million, respectively, a decrease of $137,000. Revenues decreased mainly due to a decrease in revenues from our federal contracts supporting the development of Arestvyr(TM).

Research and Development

Research and development expenses were $3.6 million for the three months ended March 31, 2013, a decrease of $819,000 from the $4.5 million incurred for the three months ended March 31, 2012. The decrease was mostly attributable to a decrease in direct vendor-related expenses supporting the development of Arestvyr, dengue antivirals and Lassa fever antivirals.

Selling, General and Administrative Expenses

Selling, general and administrative expenses for the three months ended March 31, 2013 and 2012 were $3.0 million and $2.2 million, respectively, reflecting an increase of $817,000. The increase in SG&A expenses primarily relates to a $310,000 increase in non-cash stock-based compensation, a $230,000 increase in other employee-related compensation and $215,000 of expenses related to the relocation of our corporate headquarters.

Patent Preparation Expenses

Patent preparation expenses for the quarter were $458,000, compared to $336,000 for the same period last year, mainly due to our ongoing efforts to protect our lead drug candidates in expanded geographic territories.

Financial Condition and Liquidity

Cash, cash equivalents and short-term investments on March 31, 2013 were $24.7 million, compared to $32.0 million on December 31, 2012.

Quarterly Report on Form 10-Q

SIGA is filing today with the Securities and Exchange Commission its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2013. SIGA urges its investors to read this quarterly filing as well as its Annual Report on Form 10-K and its amended filing on Form 10-K/A for the year ended December 31, 2012. The amended filing on Form 10-K/A, which was also filed with the SEC today, provides further details concerning the Company and is consistent with our prior disclosures. The First Quarter Report on Form 10-Q, the Annual Report on Form 10-K and the amended filing on Form 10-K/A are also available on the Company's website, at www.siga.com.

About SIGA Technologies, Inc.

In the United States and around the globe, populations face a serious but unmet need for new drugs to protect against potentially catastrophic emerging viral pathogens and biological weapons of mass destruction. We are a pharmaceutical company specializing in developing pharmaceutical solutions for some of the most lethal disease causing pathogens in the world - smallpox, Ebola, dengue, Lassa fever and other dangerous viruses. Our objective is to discover, develop, manufacture and commercialize drugs to prevent and treat these high-priority threats. Our mission is to disarm dreaded viral diseases and create robust, modern biodefense countermeasures. For more information about SIGA, please visit SIGA's web site at www.siga.com.

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