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Press Release Source: SIGA Technologies, Inc.
SIGA Receives $16.5 Million from the NIH to Advance Development of Its Smallpox Drug Candidate, SIGA-246 Wednesday October 4, 5:05 pm ET Total Funding Awards Received by SIGA since August 2, 2006 Now Exceeds $27 Million
NEW YORK--(BUSINESS WIRE)--SIGA Technologies, Inc. (NASDAQ: SIGA - News) today announced the receipt of a 3 year, $16.5 million contract from the National Institute of Allergy and Infectious Diseases (NIAID) of the National Institutes for Health (NIH), to advance the development of SIGA-246, the company's smallpox drug candidate. The award will support the development of SIGA-246 through the preparation and filing of a New Drug Application with the Food and Drug Administration. The receipt of this award brings the total amount of funding commitments the company has received from various sources since August 2nd to over $27 million.
ADVERTISEMENT "We are grateful for the continued commitment of the NIH to the development of SIGA-246," said Dr. Dennis E. Hruby, Chief Scientific Officer of SIGA. "The funding we have received from the NIH, as well as their advice and guidance have been critical to the success of our smallpox drug program to date. We look forward to continue working with the NIH as SIGA-246 advances forward."
In July 2006, SIGA announced the successful completion of its first human clinical safety trial. The preliminary results indicated that SIGA-246 is safe and well tolerated in human volunteers at all tested orally administered doses.
SIGA believes that SIGA-246 is the most advanced smallpox treatment currently in development. It represents a new approach to achieve a novel, orally active, antiviral therapeutic to smallpox. The Centers for Disease Control and Prevention classified smallpox as a Category A agent. It is considered one of the most significant threats for use as a bio-warfare agent due the fact that people in the United States have not been vaccinated against it since 1972. Smallpox is very easily transmitted from person to person, and has high mortality rates (30-60%) with 90% morbidity. At present there is no approved treatment for smallpox that can be safely administered to the general population without significant risk of adverse reactions. "We are committed to continue the development of SIGA-246 and hope to provide a solution to this urgent bio-security need," commented Dr. Hruby.
About SIGA Technologies, Inc.
SIGA Technologies is applying viral and bacterial genomics and sophisticated computational modeling in the design and development of novel products for the prevention and treatment of serious infectious diseases, with an emphasis on products for biological warfare defense. SIGA has the potential to become a significant force in the discovery of vaccine and pharmaceutical agents to fight emerging pathogens. SIGA's product development programs emphasize the increasingly serious problem of drug resistant bacteria. In addition to smallpox, SIGA has antiviral programs targeting other Category A viral pathogens, including arenaviruses (Lassa fever, Junin, Machupo, Guanarito, Sabia, and lymphocytic choriomeningitis), dengue virus, and the filoviruses (Ebola and Marburg).
For more information about SIGA, please visit SIGA's Web site at www.siga.com.
Forward-looking statements
This Press Release contains certain "forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding the efficacy of potential products, the timelines for bringing such products to market and the availability of funding sources for continued development of such products. Forward-looking statements are based on management's estimates, assumptions and projections, and are subject to uncertainties, many of which are beyond the control of SIGA. Actual results may differ materially from those anticipated in any forward-looking statement. Factors that may cause such differences include the risks that (a) potential products that appear promising to SIGA or its collaborators cannot be shown to be efficacious or safe in subsequent pre-clinical or clinical trials, (b) SIGA or its collaborators will not obtain appropriate or necessary governmental approvals to market these or other potential products, (c) SIGA may not be able to obtain anticipated funding for its development projects or other needed funding, (d) SIGA may not be able to secure funding from anticipated government contracts and grants, and (e) SIGA may not be able to secure or enforce adequate legal protection, including patent protection for its products. More detailed information about SIGA and risk factors that may affect the realization of forward-looking statements, including the forward-looking statements in this Press Release and the above-mentioned presentation, is set forth in SIGA's filings with the Securities and Exchange Commission, including SIGA's Annual Report on Form 10-K for the fiscal year ended December 31, 2005, and in other documents that SIGA has filed with the Commission. SIGA urges investors and security holders to read those documents free of charge at the Commission's Web site at http://www.sec.gov. Interested parties may also obtain those documents free of charge from SIGA. Forward-looking statements speak only as to the date they are made, and except for any obligation under the U.S. federal securities laws, SIGA undertakes no obligation to publicly update any forward-looking statement as a result of new information, future events or otherwise.
Contact:
SIGA Technologies, Inc. Thomas N. Konatich, 212-672-9100
Source: SIGA Technologies, Inc.
-------------------- Best Regards and Good Trading Posts: 239 | From: Florida City, FL | Registered: Jul 2006
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AP Siga Pulls Out of PharmAthene Merger Wednesday October 4, 5:43 pm ET Siga Pharmaceuticals Ends Proposed Merger With PharmAthene, Cites $27 Million in Grants
NEW YORK (AP) -- Siga Pharmaceuticals Inc., which develops vaccines, said Wednesday it ended a proposed merger with PharmAthene Inc., a private biotechnology company, nudging up shares after the market closed.
Siga said a number of factors affect its decision, including a $16.5 million grant from the National Institutes of Health for development of the company's smallpox drug candidate, Siga-246, also announced Wednesday.
The NIH grant brought the company's total grant funding since Aug. 2 to more than $27 million.
The two companies first said they would merge and operate under the PharmAthene name in March, but did not disclose financial terms of the deal.
Shares of Siga gained 7 cents at $1.83 in after-hours trading on the INET electronic exchange.
-------------------- Best Regards and Good Trading Posts: 239 | From: Florida City, FL | Registered: Jul 2006
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Two PRs after hours just five minutes apart. Lets decipher them. First PR is great mentioning that they have a lot more grant money from the government, which means they no longer have to depend on PharmAthene fas a middle man to the government contracts and money. Thats a good thing. Most cancelled mergers are usually bad for a company but not in this case.
The Chairman of the Board hinted at something big in the second PR which I believe will move the PPS upwards tomorrow going into Friday. He said:
The main reasons for calling off the merger was due to "recent positive scientific data and the receipt of approximately $27 million in grants for its smallpox and arenavirus programs over the last several months".
The way I see it, it sounds like they have more contarcts in the works with significantly more funding behind them. That recent positive data from their clinical trials also hints that they will be PR'ing some big findings for the phase two clinical trial. Remember phase 1 was a complete success and it sound like phase 2 trial will follow the same path leading up to the pivotal phase 3 trials that the FDA panel focuses on.
-------------------- Now We Movin On Up!! Posts: 211 | From: Los Angelos | Registered: Oct 2004
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I made a great call on ACOR over the weekend and I'm gonna do the same here. After combing thru both press releases. I went back and reviewed the stock movement in after hours. All in all the funding PR pushed the PPS up to an initial high of $2.05, a 24% increase after market close.
The end of merger PR pulled it back to 7% lower than the end of day closing PPS of $1.78. It hit a low of $1.50 which ushered in a quick buying pressure that raised the volume from 993,000 shares to 1,023,000 shares. Investors saw the buying op and scooped up some cheap shares. The end of merger PR was a positive release in itself. Howe? Because It states the company was now going self sufficient, had this new money backing them, and more positive trial data to increase chances of FDA approval. I won't be surprise at all to see an early pre-market PR detailing this further. IMO, I see this trading between the 1.80 and 2.15 range tomorrow. But this is just my opinion.
The scared hands sold of in after hours to protect capital. WHo had time to compare two PR's 5 minutes apart while the PPS was heading down. They had to protect their capital. But looking through both releases shows that the SIGA is heading in a much positive direction than you'd think initially. The stock had great support in the $1.60 range and it sounds crazy but I see this gapping up bigtime in the morning.
-------------------- Best Regards and Good Trading Posts: 239 | From: Florida City, FL | Registered: Jul 2006
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I wish I could find out more details about that recent positive data the BOD guy is talking about. Boy I envy those with insider info. If only I could be invisible in their boardroom.
-------------------- Best Regards and Good Trading Posts: 239 | From: Florida City, FL | Registered: Jul 2006
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quote:Originally posted by Lootcifer: I wish I could find out more details about that recent positive data the BOD guy is talking about. Boy I envy those with insider info. If only I could be invisible in their boardroom.
All in favor say Aye!!! I second the motion. But we all gotta wait til tomorrow. BTW I dropped the company an email just for the hell of it asking if they had a followup PR for tomorrow or Friday. Thought I'd give it a shot, it never hurts to try my friends after all its your money.
-------------------- Now We Movin On Up!! Posts: 211 | From: Los Angelos | Registered: Oct 2004
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Good morning everyone. Lets see how SIGA pans out today. We had a late selloff yesterday from those that were holding and then the buying pressure started on the dip. They're on their own now with their own money which seems to be sufficient according to the Chairman. They wouldn't have ended the merger if they were'nt confident that they can survive without an alliance. I'm watching this very closely today. IMO this will be a very big play for whoever is just coming in. Those that had bought much higher sold for a loss and fresh hands bought in at the very low which started bringing the PPS back up.
-------------------- Best Regards and Good Trading Posts: 239 | From: Florida City, FL | Registered: Jul 2006
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quote:Originally posted by Lootcifer: Good morning everyone. Lets see how SIGA pans out today. We had a late selloff yesterday from those that were holding and then the buying pressure started on the dip. They're on their own now with their own money which seems to be sufficient according to the Chairman. They wouldn't have ended the merger if they were'nt confident that they can survive without an alliance. I'm watching this very closely today. IMO this will be a very big play for whoever is just coming in. Those that had bought much higher sold for a loss and fresh hands bought in at the very low which started bringing the PPS back up.
Morning stock heads. Hey loot I remember all the DD you did and the predictions you made this past weekend and it did exactly what you said. That thing pulled back to $9.10 then shot up sky high to $12.50 by Tuesday afternoon. Good call man. I made serious cash there. So you seet this happening with SIGA too huh?
-------------------- Rule 1: Always Protect Your Capital Rule 2: Earn slow, Don't lose fast Posts: 457 | From: Miami, Florida | Registered: May 2006
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I indeed think so hustla. It seems the biotechs are red hot right now, thanks in part to the crazy push from ACOR successful phase 3 clinical trials. Man no one saw that thing shooting from $2.22 to $12.50 in one week and a couple days.
-------------------- Best Regards and Good Trading Posts: 239 | From: Florida City, FL | Registered: Jul 2006
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The Momentum came back in the stock and between today and maybe middle of next week, this should be trading between $2.00 and $2.50 if not $3. IMO
-------------------- Best Regards and Good Trading Posts: 239 | From: Florida City, FL | Registered: Jul 2006
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There's on thing to note today intrading the stock. If you wanna get in early the MMs are gonna make you chase it. They really don't like giving out cheap shares. The game is to make you buy high and sell low, which tons of people did yesterday after the first PR came out about the new funding the company got to finance the smallpox drug. MMs are tricky they are in it for themselves and whichever firm or individual they represent. Wouldn't wanna be one but sometimes I envy there power in the market. Play with them not against them and you just might come out with a small profit, LOL
-------------------- Best Regards and Good Trading Posts: 239 | From: Florida City, FL | Registered: Jul 2006
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For a minute I was gonna say $3 was a little bit too high of a prediction but, then again the stock hit over $2 in early after hours yesterday. I won't argue with your prediction, but I like to give props to posters when I see their words come true. Well you were on point with your ACOR prediction. This isn't a micropenny either so the rules and trading trends are different on the Nasdaq.
-------------------- Rule 1: Always Protect Your Capital Rule 2: Earn slow, Don't lose fast Posts: 457 | From: Miami, Florida | Registered: May 2006
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Well pre-market trading is over for regular investors. 9:30 to 4pm will tell the story for the stock today. I'm looking for a good flip today. Perhaps this might be it.
-------------------- Rule 1: Always Protect Your Capital Rule 2: Earn slow, Don't lose fast Posts: 457 | From: Miami, Florida | Registered: May 2006
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For whoever is currently in this there's no need to worry, its down right now, but it will rebound as the day progresses. If you're looking to flip, look for any good dips. The charts will help you out on this one.
-------------------- Best Regards and Good Trading Posts: 239 | From: Florida City, FL | Registered: Jul 2006
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This thing is poised to fly today when the CEO or chairman release the followup PR explaining more about the updates on the SIGA-246 smallpox drug. And I say when because the Company head indicated in yesterdays PR that they have positive new data.
They tend to release PRs middle of day and after hours. Watch the newswires for something.
-------------------- Rule 1: Always Protect Your Capital Rule 2: Earn slow, Don't lose fast Posts: 457 | From: Miami, Florida | Registered: May 2006
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If this thing really does have the potential to reach $3 or more soon, I'm flippin all the way. ACOR paid me well so far this week, and I'm eyeing this as my next pay day.
I'll say this much, MMs shook the hell out of a lotta people this morning.
-------------------- Rule 1: Always Protect Your Capital Rule 2: Earn slow, Don't lose fast Posts: 457 | From: Miami, Florida | Registered: May 2006
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Whoever is in charge of press releases over there should have released the cancelled merger PR only yesterday, and release the new funding PR this morning. It would have definitely have a more upwards effect on the PPS. They better release something else to fix the mistake. As you can see people got scared and left rewarding the MMs with cheap shares galore.
-------------------- One risk I enjoy: daytrading stocks Posts: 273 | From: New York City | Registered: Sep 2004
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