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SIGA Technologies Reports Financial Results For The Fourth Quarter And Year Ended 2010

Stocks in this article: SIGA

NEW YORK, March 9, 2011 (GLOBE NEWSWIRE) -- SIGA Technologies, Inc. (Nasdaq:SIGA), a company specializing in the development of pharmaceutical agents to fight biowarfare pathogens, today reported its financial results for the fourth quarter and year ended December 31, 2010.

Revenue for the year ended 2010 was $19.2 million compared to $13.8 million in 2009, and the operating loss was $12.7 million compared to $11.9 million in 2009. Net loss per share, which includes non-operational items such as the fair market valuation of certain warrants, was $0.62 and $0.52 for the years ended December 31, 2010 and 2009, respectively.

For the three months ended December 31, 2010, revenue was $3.1 million compared to $4.0 million in the fourth quarter of 2009, and net operating loss was $4.2 million compared to $3.7 million in 2009.

In addition to reporting financial results, SIGA is also reporting that it responded to the Request for Proposal 11-100-SOL-00007 from the Biomedical Advanced Research and Development Authority ("BARDA") prior to the deadline. 

2010 Key Financial Results

Revenues

For 2010, revenue from research and development ("R&D") grants and contracts was $19.2 million compared to $13.8 million for the year ended December 31, 2009. The increase of $5.4 million is primarily due to a $2.4 million revenue increase for the Company's arenavirus antiviral program and a $2.2 million revenue increase for its broad-spectrum antiviral drug program. Revenue also increased by $900,000 for the Company's ST-246 program. 

Research and Development

For 2010, research and development ("R&D") expenses were $22.6 million, an increase of $5.2 million from $17.4 million recognized for the year ended December 31, 2009. The increase is primarily due to activity in the arenavirus and broad-spectrum antiviral programs. Vendor-related expenses increased $1.8 million for the arenavirus program and $860,000 for the broad-spectrum program. Employee-related compensation costs, including costs related to the arenavirus and broad-spectrum programs, increased $925,000.

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