SIGA Technologies Inc. (Nasdaq: SIGA) applies 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. The company focuses on utilizing these products for biological warfare defense. The company today announced its second-quarter results for 2008, posting positive results due to its continued research and manufacturing efforts.
SIGA recognized grants and contracts totaling $1.7 million for the period ended June 30, 2008, up 19 percent compared to the second quarter of 2007. Six-month revenues at $3.7 million represent a 12 percent increase from the $3.3 million reported in 2007 for the same period.
“During the recent quarter we continued to make important strides in the processes needed to produce ST-246 on a large scale. We continue to maintain a line of communication with BARDA, and are now anticipating a smallpox antiviral RFP. In addition, we have held our initial meeting with the Scientific Advice Working Party in Europe,” Dr. Rose stated in the press release. “Working with this team with respect to the quality, safety and efficacy of ST-246 will help to achieve a positive outcome and, hopefully, timely approval in the European Union. These efforts, coupled with gains made in our ability to manufacture this product on a commercial scale, give us great confidence that we have the right momentum needed in order to successfully bring ST-246 to market.”
SIGA’s communication with BARDA and dealings with MacAndrews & Forbes gives the company access to capital for research and development purposes, also contributing to positive second-quarter results.
“Our relationship with BARDA extends beyond the RFP process, and we continue to make progress in securing research funding from their research and development budget. We have multiple grant applications pending and believe there is a substantial likelihood that we will be awarded substantial funding. In addition, MacAndrews & Forbes LLC, which has been a solid partner to SIGA over the past several years, provided us the option to access $8.5 million in capital during the next year if it becomes necessary. We have the resources we need to move ahead with our work on ST-246 and our other research and development projects,” Dr. Rose stated.
As of June 30, 2008, the company had total cash and equivalents and short-term investments at $5.4 million as compared to $6.8 million at December 31, 2007.
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