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SIGA Technologies Reports Financial Results For The First Quarter 2013

NEW YORK, May 15, 2013 (GLOBE NEWSWIRE) -- SIGA Technologies, Inc. (Nasdaq: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™ 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™.

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.

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