SIGA Announces Restatement of Certain Historical Financial Results to Reflect Reclassification of Warrants as a Liability

SIGA Announces Restatement of Certain Historical Financial Results to Reflect
Reclassification of Warrants as a Liability

NEW YORK, May 10, 2013 (GLOBE NEWSWIRE) -- SIGA Technologies, Inc.
(Nasdaq:SIGA), a company specializing in the development of pharmaceutical
agents to fight pathogens capable of use as bioweapons, announced today that,
based on the recommendation of management, the Company concluded that the
previously issued consolidated financial statements for the years ended
December 31, 2011 and 2010 in the most recently filed annual report on Form
10-K for the year ended December 31, 2012 are no longer appropriate to rely
upon because they failed to account for certain outstanding warrants to
purchase common stock of the Company as liabilities rather than equity and to
account for non-cash charges resulting from required periodic "mark-to-market"
adjustments of these warrants. The Company has determined that its Form 10-K
for the year ended December 31, 2012 should be amended to reflect the
aforementioned liabilities and non-cash charges.

The Company has concluded that the only change required to its previously
filed balance sheets and statements of operations will be the recording of the
appropriate liabilities and non-cash charges in the appropriate reporting
periods and the effects therefrom. No other change to its previously filed
balance sheets or statements of operations is anticipated. The cumulative
impact of the restatement is expected to result in an approximate decrease in
the total stockholders' equity balance and a corresponding increase in total
liabilities of $700,000 at December 31, 2012.

There is no impact on net cash flows for the 2011 and 2010 annual periods
because the changes in the fair value of common stock warrants are recorded as
non-cash charges that adjust net loss or earnings to reconcile to net cash
used in operating activities on the Company's consolidated statements of cash
flows.

About SIGA Technologies, Inc.

In the United States and around the globe, populations face a serious but
unmet need for new drugs to protect against potentially catastrophic emerging
viral pathogens and biological weapons of mass destruction. We are a
pharmaceutical company specializing in developing pharmaceutical solutions for
some of the most lethal pathogens – smallpox, Ebola, dengue, Lassa fever and
other dangerous viruses. Our objective is to discover, develop, and
commercialize drugs to prevent and treat these high-priority threats. Our
mission is to disarm dreaded viral diseases and create robust, modern
biodefense countermeasures. For more information about SIGA, please visit
SIGA's web site at www.siga.com.

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 to our intention to restate our financial
statements, the type and extent of matters reflected in such restated
financial statements, and the timing of filing of our restated financial
statements.Forward-looking statements are subject to various known and
unknown risks and uncertainties and we caution you that any forward-looking
information provided by us or on our behalf is not a guarantee of future
performance. Our actual results could differ materially from those anticipated
by such forward-looking statements due to a number of factors, some of which
are beyond our control, including, but not limited to, (i) the risk that
potential products that appear promising to SIGA or its (ii) the risk that
potential products that appear promising to us or our collaborators cannot be
shown to be efficacious or safe in subsequent animal, pre-clinical or clinical
trials, (iii) the risk that we or our collaborators will not obtain
appropriate or necessary governmental approvals to market these or other
potential products, (iv) the risk that we may not be able to obtain
anticipated funding for our development projects or other needed funding, (v)
the risk that we may not be able to secure funding from anticipated or current
government contracts and grants, (vi) the risk that we may not be able to
secure or enforce sufficient legal rights in our products, including patent
protection, (vii) the risk that any challenge to our patent and other property
rights, if adversely determined, could affect our business and, even if
determined favorably, could be costly, (viii) the risk that regulatory
requirements applicable to our 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, (ix) 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 our contract with BARDA, or other governmental contracts, (x) the risk
that our BARDA contract is modified or canceled at the request or requirement
of the U.S. government, (xi) the risk that the adverse portions of the
post-trial decision by the Delaware Chancery Court in the litigation brought
by PharmAthene, Inc. will be upheld in further proceedings, including any
appeal or cross-appeal, or that the favorable portions will be modified, (xii)
the risk that the volatile and competitive nature of the biotechnology
industry may hamper our efforts to develop or market our products, (xiii) the
risk that the changes in domestic and foreign economic and market conditions
may adversely affect our ability to advance our research or products, (xiv)
the effect of federal, state and foreign regulation, including drug regulation
and international trade regulation, on our business, (xv) the risk that our
outstanding indebtedness may make it more difficult to obtain additional
financing, and (xvi) the risk that the U.S. government's responses (including
inaction) to the national and global economic situation, including possible
courses of action related to the so-called "sequester", may adversely affect
our business. More detailed information about our company and risk factors
that may affect the realization of forward-looking statements, including the
forward-looking statements set forth here, is set forth in our filings with
the Securities and Exchange Commission (the SEC), including our Annual Report
on Form 10-K for the fiscal year ended December 31, 2012, and in other
documents that we have filed with the SEC. We urge investors and security
holders to read those documents free of charge at the SEC's website at
http://www.sec.gov. Interested parties may also obtain those documents free of
charge directly from us. Forward-looking statements speak only as of the date
they are made, and except for our ongoing obligations under the federal
securities laws, we undertake no obligation to update publicly any
forward-looking statement whether as a result of new information, future
events or otherwise.

CONTACT: KCSA Strategic Communications
         Todd Fromer / Rob Fink
         212-896-1215 / 1206
         732-241-5193
         Tfromer@kcsa.com / rfink@kcsa.com

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