SIGA Technologies Inc. is a leading company specializing in the development of pharmaceutical agents to combat bio-warfare pathogens. The company reported today that the US Department of Health and Human Services (HHS) has announced its intention to award a contract to SIGA Technologies.
The contract entails SIGA Technologies delivering 1.7 million courses of its smallpox antiviral for the Strategic National Stockpile. This contract is pending resolution of issues relating to SIGA’s status with the Small Business Administration. Another small business which was an unsuccessful bidder, Chimerix, has filed a protest with the government saying that SIGA should not be considered a small business and awarded the contract which was set aside for small business.
The base contract, if finalized, is expected to generate revenues of approximately $500 million, and the entire contract, if all options are exercised, is expected to generate revenues of approximately $2.8 billion. The chairman and CEO of SIGA, Dr. Eric A. Rose, stated “We are very proud that HHS has selected our groundbreaking drug, ST-246, for this important acquisition.”
The news of the contract award was very well received by Wall Street. The stock of SIGA Technologies is currently trading at $12.80, up $4.24 or nearly 50% for the day. Volume is a massive 7 million shares which dwarfs the average daily volume of about 280,000. For more information on SIGA and the contract award, visit the company’s website at www.siga.com.
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