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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV