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SIGA Technologies Reports Financial Results For The First Quarter 2014

NEW YORK, May 1, 2014 (GLOBE NEWSWIRE) -- SIGA Technologies, Inc. (Nasdaq:SIGA), a company specializing in the development and commercialization of solutions for serious unmet medical needs and biothreats, today reported its financial results for the quarter ended March 31, 2014.

Revenue for the three months ended March 31, 2014 was $549,000, compared to $1.3 million in the first quarter of 2013, and the operating loss for the quarter was $5.6 million, compared to $5.8 million for the comparable quarter last year. Net loss per share, which included a $2.2 million income tax benefit, was $0.06 for the three months ended March 31, 2014. In comparison, net loss per share, which included a $2.3 million income tax benefit, was $0.09 for the three months ended March 31, 2013.

In the first quarter, SIGA delivered approximately 256,000 courses of Arestvyr to the U.S. Strategic National Stockpile, of which approximately 64,000 courses were delivered at no cost to the Biomedical Advanced Research and Development Authority (BARDA) in accordance with the BARDA contract. For deliveries of product, and other related activities, SIGA received $25.8 million from BARDA for the three months ended March 31, 2014. In accordance with generally accepted accounting principles, substantially all of the cash received from BARDA has been classified as deferred revenue in SIGA's financial statements.

Key Financial Results for First Quarter 2014

Revenues

For the quarters ended March 31, 2014 and 2013, revenue was $549,000 and $1.3 million, respectively. The decrease in revenue of $779,000 is due to a $437,000 decrease in grant revenues related to Lassa fever and a $325,000 decrease in revenues from our federal contracts supporting the development of Arestvyr™ (also known as ST-246®).

Research and Development

Research and development expenses were $2.8 million for the three months ended March 31, 2014, a decrease of $832,000 from the $3.6 million incurred for the three months ended March 31, 2013. The decrease is mostly attributable to a decline of $807,000 in employee compensation arising from the previously announced optimization plan. Separately, a $395,000 expense relating to an inventory write-down was primarily offset by lower direct vendor-related expenses supporting the development of Arestvyr, dengue antivirals, Lassa fever antivirals and high-throughput screening.

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