NEW YORK, Nov. 12, 2008 (GLOBE NEWSWIRE) -- SIGA Technologies, Inc. (Nasdaq:SIGA), a company specializing in the development of pharmaceutical agents to fight bio-warfare pathogens today announced that Dr. Dennis E. Hruby, SIGA's Chief Scientific Officer, will be presenting SIGA's progress in developing its lead drug candidate, ST-246, an antiviral for smallpox and other orthopoxviruses, to the World Health Organization (WHO) Advisory Committee on Variola Virus Research on November 19, 2008 in Geneva, Switzerland.
Dr. Hruby commented on the upcoming presentation: "It is an honor to return to the World Health Organization to provide an update on the progress that has been made with ST-246 and our goal of commercializing this drug. Since our last WHO presentation, there have been several favorable developments, most notably the encouraging results of our multi-dose human clinical safety trial. We have also initiated our regulatory process in the European Union and recently received an additional $75 million in funding in the form of two contracts from the NIH and BARDA for further development of ST-246. The first $55 million provides funding for the development of additional formulations and smallpox-related indications, and the second $20 million was awarded to accelerate therapeutic development and large scale manufacturing. With this funding, we intend to assure that we will have the capacity to provide this antiviral to a large population in the event of a smallpox attack."
Dr. Hruby continued, "The continuing work of this WHO Advisory Committee emphasizes the importance that the global community places on the threat of smallpox being used as a bioweapon. An attack using this virus on any scale could have a devastating global health and economic affect. The interest this Committee has shown in the ST-246 development process leads us to believe that we are on the right path in developing an antiviral that can provide countries throughout the world the proper defense in the event of a smallpox attack."
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 believes that it is a leader in the development of pharmaceutical agents to fight potential biowarfare pathogens. In addition to small pox, SIGA has antiviral programs targeting other category A 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 website at http://www.siga.com.
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Forward Looking Statement
This press release contains or implies 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 continued development and possible eventual approval 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 SIGA's control. 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, (e) SIGA may not be able to secure or enforce sufficient legal rights in its products, including sufficient patent protection for its products and (f) regulatory approval for SIGA's products may require further or additional testing that will delay or prevent approval. 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, 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, 2007, 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.