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SIGA Technologies Reports Financial Results For The Second Quarter 2013

For the first halves of 2013 and 2012, revenue was $2.3 million and $4.2 million, respectively. The decline in revenue is due to a $1.1 million decrease in revenues from federal contracts supporting the development of Arestvyr, including the conclusion of a federal grant supporting the development of Arestvyr in conjunction with vaccine, and a $730,000 decrease in revenues related to lower usage of dengue and Lassa fever federal grants in the second quarter of 2013.

Research and Development ("R&D") Expenses

R&D expenses were $3.1 million for the three months ended June 30, 2013, a decrease of $2.1 million from the $5.2 million incurred for the three months ended June 30, 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.

R&D expenses were $6.8 million for the six months ended June 30, 2013, a decrease of $2.9 million from the $9.6 million incurred during the six months ended June 30, 2012. The decrease was primarily due to a decrease in expenses related to the development of Arestvyr and Lassa fever antivirals.

Selling, General and Administrative ("SG&A") Expenses

SG&A expenses for the three months ended June 30, 2013 and 2012 were $3.2 million and $3.5 million, respectively, reflecting a decrease of $309,000. The decrease in SG&A expenses primarily relates to the impact of a $372,000 loss contingency expense that was recorded in the second quarter of 2012.

For the six months ended June 30, 2013 and 2012, SG&A expenses were $6.2 million and $5.7 million, respectively, reflecting an increase of approximately $509,000. The increase in SG&A expenses is mainly attributable to a $711,000 increase in employee compensation that is related to an uptick in corporate headcount and an increase in non-cash stock compensation expense, partially offset by the impact of a $372,000 loss contingency expense that was recorded in the second quarter of 2012.

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