– Approximately $26 million in orders received from Canada under
Existing supply contracts –
– Approximately $2 million in orders received from
Two new jurisdictions –
NEW YORK, July 12 10, 2022 (GLOBE NEWSWIRE) — SIGA Technologies, Inc. (SIGA) (NASDAQ: SIGA), a commercial-stage pharmaceutical company focused on the health safety market, today announced orders of approximately $28 million. for TPOXX® (tecovirimat), including approximately $2 million for the initial supply by two new international jurisdictions and approximately $26 million for the supply by Canada, of which approximately $22 million is purchased by the Agency Public Health Canada (PHAC) and approximately $4 million is purchased by the Department of National Defense (DND) Canada under existing contracts. One of the new jurisdictions is in Europe and the other is in the Asia-Pacific region.
In combination with PHAC’s order of approximately $13 million that was disclosed during the last call for investors, PHAC and DND have ordered approximately $39 million of oral TPOXX (tecovirimat) this year. The current order includes an increase of approximately $9 million to PHAC’s existing supply contract.
To date this year, SIGA has received approximately $56 million in international orders for oral TPOXX (tecovirimat) from six jurisdictions, five of which are new customers. So, including deliveries made in the second quarter, we expect at least $26 million in international deliveries by September 30, 2022; the delivery time for the remaining orders will be communicated at a later date.
“The increase over the past two months in international orders for oral TPOXX (tecovirimat) reflects an initial public health response to the evolving monkeypox epidemic,” said Phil Gomez, CEO of SIGA. “SIGA continues to receive a large number of ongoing requests for access to oral TPOXX. We believe that these new orders and ongoing investigations underscore the overall importance of health safety preparedness, and that by increasing both the scale and scope of TPOXX storage, countries can be better prepared for the risks of outbreaks of smallpox, monkeypox and other viruses in the orthopoxvirus family of viruses and ensure that patients can access to treatment.
On July 13, 2018, the United States Food and Drug Administration (FDA) approved oral TPOXX for the treatment of smallpox to mitigate the impact of a possible epidemic or bioterrorist attack. In December 2021, oral TPOXX was approved for the same indication by Health Canada. Tecovirimat (TPOXX) was approved by the European Medicines Agency (EMA) in January 2022 with a broader label that covers the treatment of smallpox, monkeypox, cowpox and complications of smallpox vaccination.
ABOUT SIGA TECHNOLOGIES, INC. and TPOXX®
SIGA Technologies, Inc. is a commercial-stage pharmaceutical company focused on the health safety market. Health security includes countermeasures to biological, chemical, radiological and nuclear attacks (biodefense market), vaccines and therapies against emerging infectious diseases and health preparedness. Our main product is TPOXX®, also known as tecovirimat and ST-246®, an oral and intravenous antiviral drug for the treatment of human smallpox caused by the variola virus. TPOXX is a new small molecule drug and the United States maintains a supply of TPOXX through Project BioShield. The oral formulation of TPOXX was approved by the FDA for the treatment of smallpox in 2018. The complete label is available by clicking here. Oral tecovirimat received approval from the European Medicines Agency (EMA) in 2022. The EMA approval includes labeling of oral tecovirimat indicating its use for the treatment of complications from smallpox, monkeypox, cowpox and cowpox after smallpox vaccination. The full label is available by clicking here. In September 2018, SIGA signed a contract with the Biomedical Advanced Research and Development Authority (BARDA), part of the Office of the Assistant Secretary for Preparedness and Response within the U.S. Department of Health and Human Services, to additional purchases and developments related to both oral and intravenous formulations of TPOXX. For more information about SIGA, visit www.siga.com.
Smallpox is a contagious, disfiguring and often fatal disease that has affected humans for thousands of years. Naturally occurring smallpox was eradicated worldwide in 1980, the result of an unprecedented global vaccination campaign. Smallpox virus samples were retained for research purposes. This led to fears that smallpox could one day be used as a biological warfare agent. A vaccine can prevent smallpox, but the risk of side effects from the current vaccine is too high to justify routine vaccination of people at low risk of exposure to the smallpox virus.
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements relating to the progress of SIGA’s development programs and product time to market, as well as the impact of COVID-19 on SIGA’s business. Forward-looking statements may be identified by words or phrases such as “believes”, “estimates”, “expects”, “may”, “will”, “would”, “may”, “could”, and similar words and phrases. These forward-looking statements are based on current expectations and assumptions and 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 these 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 the US Biomedical Advanced Research and Development (“BARDA”) elects, in its sole discretion, as permitted by the BARDA Agreements (as defined below), not to exercise any or all of the remaining unexercised Options under such contracts, (ii) the risk that SIGA may not be able to fully perform its contracts with BARDA (the “BARDA Contracts”) on time or in accordance with the contractual terms, (iii) the risk that the BARDA Contracts will be modified or terminated at the request or requirement of the U.S. government, (iv) the risk that the nascent international biodefense market will not develop to a degree that will allow SIGA to successfully commercialize TPOXX internationally, (v ) I the risk that potential products, including potential alternative uses or formulations of TPOXX that show promise to SIGA or its collaborators, may not be demonstrated to be effective or safe in subsequent preclinical or clinical trials, (vi) the risk that SIGA or its associates fail to obtain appropriate or necessary governmental approvals to market these or other potential products or uses, (vii) the risk that SIGA may not be able to obtain or enforce sufficient legal rights over its products, including intellectual property protection, (viii) the risk that any challenge to SIGA’s patent and other proprietary rights, if determined adversely, could affect SIGA’s business and, even if is determined favourably, could be costly, (ix) the risk that regulatory requirements applicable to SIGA’s products may cause the need for further or additional testing or documentation that will delay or prevent SIGA from seeking or obtaining the necessary approvals to commercialize such products, (x) the risk that the volatile and competitive nature of the biotechnology industry may impede SIGA’s efforts to o develop or commercialize its products, (xi) the risk that changes in domestic or foreign economic and market conditions may affect SIGA’s ability to advance its research or adversely affect its products, (xii) l the effect of federal, state and foreign regulations, including drug regulations and international trade regulations, on SIGA’s business, (xiii) the risk that the COVID-19 pandemic could impact SIGA’s operations, SIGA by disrupting SIGA’s supply chain for the manufacture of TPOXX, causing delays in the activities of SIGA research and development, resulting in delays or reallocation of funds in connection with SIGA government contracts, or the diversion of the attention of government personnel overseeing SIGA government contracts, (xiv) the risk that government responses U.S. or foreign (including inaction) domestic or global economic conditions or infectious diseases such as COVID-19 are ineffective and may adversely affect SIGA’s business, and (xv) other risk factors discussed in point 1A. “Risk Factors” in SIGA’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and in SIGA’s subsequent filings with the United States Securities and Exchange Commission. These documents are publicly available on the SEC’s website at http://www.sec.gov and on SIGA’s website at https://investor.siga.com. Forward-looking statements speak only as of the date such statements were made, and except as otherwise required by law, we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise.
The information in this press release does not necessarily reflect government position or policy and no official endorsement should be inferred.
Yonker Wool, Edison Group
Michael Crawford, Edison Group
Doug Haslam, Berry & Company