NEW YORK -- (Business Wire)
SIGA Technologies, Inc. (NASDAQ:SIGA), a company specializing in the
development and commercialization of solutions for serious unmet medical
needs and biothreats, announced today that it has received Bankruptcy
Court approval of “first-day” motions that it filed on September 16,
2014, the date on which it filed a voluntary petition for relief under
chapter 11 of the United States Bankruptcy Code in the United States
Bankruptcy Court for the Southern District of New York. The approval of
these “first-day” motions by the Bankruptcy Court will assure that
SIGA’s operations will continue seamlessly in chapter 11 and that it
will be business as usual.
Dr. Eric A. Rose, Chairman and Chief Executive Officer of SIGA
Technologies, said, “SIGA’s chapter 11 case is proceeding very smoothly.
We are performing all of our commercial and development activities fully
and on an uninterrupted basis, and we have adequate cash and resources
to satisfy all of our contractual commitments.”
About SIGA Technologies, Inc.
We are a company specializing in the development and commercialization
of solutions for serious unmet medical needs and biothreats. Our lead
product is Tecovirimat, also known as ST-246®, an orally administered
antiviral drug that targets orthopoxviruses. While Tecovirimat is not
yet licensed as safe or effective by the U.S. Food & Drug
Administration, it is a novel small-molecule drug that is being
delivered to the Strategic National Stockpile under Project BioShield.
For more information about SIGA, please visit SIGA's web site at www.siga.com.
The SIGA Technologies, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4504.
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 relating tothe
progress of SIGA’s development programs and timelines for bringing
products to market, the enforceability of the BARDA Contract, the final
resolution of our ongoing litigation with PharmAthene, Inc., the
anticipated damages amount to be awarded to PharmAthene, Inc. in
connection with the recent Delaware Chancery Court opinion, and the
administration of SIGA’s chapter 11 case. Such forward-looking
statements are subject to various known and unknown risks and
uncertainties and SIGA cautions you that any forward-looking information
provided by or on behalf of SIGA is not a guarantee of future
performance. SIGA's actual results could differ materially from those
anticipated by such forward-looking statements due to a number of
factors, some of which are beyond SIGA's control, including, but not
limited to, (i) the risk that 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, (ii) the risk
that SIGA or its collaborators will not obtain appropriate or necessary
governmental approvals to market these or other potential products,
(iii) the risk that SIGA may not be able to obtain anticipated funding
for its development projects or other needed funding, including from
anticipated governmental contracts and grants, (iv) the risk
that SIGA may not complete performance under the BARDA Contract on
schedule or in accordance with contractual terms, (v) the risk
that SIGA may not be able to secure or enforce sufficient legal rights
in its products, including intellectual property protection, (vi) the
risk that any challenge to SIGA's patent and other property rights, if
adversely determined, could affect SIGA's business and, even if
determined favorably, could be costly, (vii) the risk that regulatory
requirements applicable to SIGA's products may result in the need for
further or additional testing or documentation that will delay or
prevent seeking or obtaining needed approvals to market these products,
(viii) the risk that one or more protests could be filed and upheld in
whole or in part or other governmental action taken, in either case
leading to a delay of performance under the BARDA Contract or other
governmental contracts, (ix) the risk that the BARDA Contract is
modified or canceled at the request or requirement of the U.S.
government, (x) the risk that the volatile and competitive nature of the
biotechnology industry may hamper SIGA's efforts to develop or market
its products, (xi) the risk that the changes in domestic and foreign
economic and market conditions may affect SIGA's ability to advance its
research or may affect its products adversely, (xii) the effect of
federal, state, and foreign regulation, including drug regulation and
international trade regulation, on SIGA's businesses, (xiii) the risk
that our outstanding indebtedness or chapter 11 case may make it more
difficult to obtain additional financing, (xiv) the risk that our
internal controls will not be effective in detecting or preventing a
misstatement in our financial statements, (xv) the risk that some
amounts received and recorded as deferred revenue may someday be
determined to have been more properly characterized as revenue when
received, (xvi) the risk that some amounts received and recorded as
deferred revenue ultimately may not be recognized as revenue, (xvii) the
risk that any appeal of the post-remand opinion may not be successful
and that such post-remand opinion will be upheld in whole or in part, or
that an appeal, if any, by SIGA may result in a different, less
favorable ruling that could materially and adversely affect the Company,
(xviii) the risk that any appeal may result in extended and expensive
litigation, (xix) the risk that continued litigation with PharmAthene,
Inc. may impede SIGA's efforts to continue to grow, (xx) the risk
that SIGA may not be able to establish its intended positions or
otherwise may not prevail in any further court proceedings with respect
to the litigation with PharmAthene, and (xxi) the costs and expenses and
other inherent uncertainty attendant to a chapter 11 case. More detailed
information about SIGA and risk factors that may affect the realization
of forward-looking statements, including the forward-looking statements
in this 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, 2013, and in other documents
that SIGA has filed with the SEC. SIGA urges investors and security
holders to read those documents free of charge at the SEC's web site at http://www.sec.gov.
Interested parties may also obtain those documents free of charge from
SIGA. Forward-looking statements are current only as of the date on
which such statements were made, and except for our ongoing obligations
under the United States of America federal securities laws, we undertake
no obligation to update publicly any forward-looking statements whether
as a result of new information, future events, or otherwise.
Contacts:
PRESS CONTACT:
RUBENSTEIN ASSOCIATES, INC.
MARCIA HOROWITZ,
212-843-8014
mhorowitz@rubenstein.com
or
INVESTOR
CONTACT:
KCSA STRATEGIC COMMUNICATIONS
TODD FROMER,
212-896-1215
tfromer@kcsa.com
or
ROB
FINK, 212-896-1206
rfink@kcsa.com
Source: SIGA Technologies, Inc.
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