Press release
SIGA Technologies, Inc. Reports Financial Results for Fiscal Year 2019
- Announces Expectations for Product Delivery to BARDA -- Announces $50 Million Share Repurchase Program -- Corporate Update Conference Call Today at 4:30 PM
About this update from Siga Technologies Inc.
[{"type":"text","content":"- Announces Expectations for Product Delivery to BARDA -- Announces $50 Million Share Repurchase Program -- Corporate Update Conference Call Today at 4:30 PM ET -\n NEW YORK, March 05, 2020 (GLOBE NEWSWIRE) -- SIGA Technologies, Inc. (SIGA) (NASDAQ: SIGA), a commercial-stage pharmaceutical company focused on the health security market, today reported 2019 full year financial results and announced product delivery expectations for oral TPOXX® under the HHSO100201800019C contract with the Biomedical Advanced Research and Development Authority (“BARDA”, and “19C BARDA Contract”, also known as the 2018 BARDA Contract). The Company also announced a $50 million share repurchase program. Summary 2019 Financial Results SIGA’s revenue for the year ended December 31, 2019 was approximately $27 million, resulting in an operating loss of approximately $2 million. Net loss per share was $0.15 per diluted share for the year. Net loss per share includes items not included in the calculation of operating loss, such as interest expense on the Term Loan, adjustments to the fair value of warrants and benefit from income taxes. Cash and cash equivalents, including amounts in restricted accounts, were approximately $161 million at December 31, 2019. Amounts in restricted accounts (approximately $96 million as of December 31, 2019) are available to pay interest, fees and principal related to the outstanding Term Loan. Dr. Phil Gomez, CEO of SIGA, said, “The 2019 financial results reflect a transition from the 2011 BARDA Contract to the 19C BARDA Contract with substantial product deliveries and revenues under the 19C BARDA Contract expected to commence in 2020.” Product Delivery Expectations in Connection with 19C BARDA Contract SIGA expects the near-term exercise of procurement options by BARDA under the 19C BARDA Contract worth a total of approximately $101 million for the procurement of 363,070 courses of oral TPOXX® (tecovirimat). Deliveries of oral TPOXX® to the Strategic National Stockpile (SNS), under these option exercises, are expected to start in the second quarter of 2020 and approximately $101 million of oral TPOXX® courses are expected to be delivered to the SNS by April 2021. After the above-mentioned expected exercise of options, the 19C BARDA Contract would have up to $414 million of procurement-related options remaining for future exe...