Press release
SIGA Technologies, Inc. Reports Financial Results for the First Quarter of 2020
- Company Recently Announced Exercise of Contract Options Totaling $101.3 million - - Corporate Update Conference Call Today at 4:30 PM ET - NEW YORK, May 06,
About this update from Siga Technologies Inc.
[{"type":"text","content":"- Company Recently Announced Exercise of Contract Options Totaling $101.3 million -\n - Corporate Update Conference Call Today at 4:30 PM ET - NEW YORK, May 06, 2020 (GLOBE NEWSWIRE) -- SIGA Technologies, Inc. (SIGA) (NASDAQ: SIGA), a commercial-stage pharmaceutical company focused on the health security market, today reported financial results for the three months ended March 31, 2020. First Quarter 2020 Financial Results Summary SIGA’s revenue for the three months ended March 31, 2020 was approximately $2.6 million, resulting in an operating loss of approximately $4.0 million. Loss per diluted share was $0.11 for the quarter. Loss per diluted share includes items not included in the calculation of operating loss, such as costs in connection with the recently retired Term Loan, adjustments to the fair value of warrants, interest expense and benefit from income taxes. Cash and cash equivalents were approximately $77.4 million at March 31, 2020. During the first quarter, after the repayment of the Term Loan, SIGA repurchased approximately $1 million of its common stock in open market transactions. Recent Key Activities: On April 29, 2020, the Company announced the exercise by BARDA of procurement options under the 2018 Biomedical Advanced Research and Development Authority (“BARDA”) contract (“19C BARDA Contract”) worth a total of approximately $101.3 million for the procurement of oral TPOXX® (tecovirimat). In connection with the exercise of these options, SIGA reiterates its previously disclosed expectation that $101.3 million of oral TPOXX® courses will be delivered to the U.S. Government by April 2021, with deliveries to the U.S. Government to start in the second quarter of 2020. After the above-mentioned exercise of options and related deliveries, the 19C BARDA Contract would have up to $414 million of procurement-related options remaining for future exercise by BARDA. On April 3, 2020, the Company announced that the Canadian Department of National Defence (“CDND”) awarded a contract to Meridian Medical Technologies, Inc. (“Meridian” a Pfizer Company) (“Canadian Contract”), in which the CDND will purchase up to 15,325 courses of oral TPOXX® over four years for a total value of $14.3 million, with an initial purchase of 2,500 courses for $2.3 million expected to be delivered by the end of the second quarter of 2020. The remai...