The Company recognized revenues from grants and contracts of $1.9 million for the quarter ended March 31, 2007 compared to $1.4 million in the comparable quarter of the prior year. Operating loss was $1.8 million as compared to $1.3 million in the previous year. Earnings per share on a fully diluted basis were ($0.10) as compared to ($0.11) for the same period last year.

Total cash and equivalents and short-term investments at March 31, 2007 totaled approximately $9.7 million as compared to approximately $10.7 million at December 31, 2006.

Commenting on the results, Dr. Eric Rose, Chairman and Chief Executive Officer of SIGA Technologies, noted, "During the second half of 2006, SIGA entered into contracts and received grants totaling approximately $29.6 million. With these kinds of resources, SIGA will continue to work at discovering and developing effective, selective, and safe oral anti-viral drugs directed at treating, preventing and complementing vaccines for high-threat biowarfare agents. Our goal is to lead the development and provision of these drugs domestically and throughout the world to assure leading-edge biodefense capability and to prevent and treat naturally occurring illness caused by the agents we target. We look forward to reporting on our progress in these areas going forward."

Conference Call Information:

SIGA Technologies will hold a conference call to review its first quarter 2007 results on Tuesday, May 8, 2007 at 11:00 a.m. Eastern. The call will be hosted by Dr. Eric Rose, Chairman and Chief Executive Officer. Interested parties may access the conference call by dialing the following numbers: (800) 573-4840 (domestic) or (617) 224-4326 (international), pass code # 38759131. The call will also be available via web cast at http://www.streetevents.com, http://www.fulldisclosure.com

If you are unable to participate, an audio replay of the call will be available beginning two hours after the call and will be available until 11:59 p.m. on May 15, 2007, by dialing (888) 286-8010 (domestic) or (617) 801-6888 (international) using confirmation pass code 19705911.

About SIGA Technologies, Inc.

SIGA Technologies is applying viral and bacterial genomics and sophisticated computational modeling in the design and development of novel products for the prevention and treatment of serious infectious diseases, with an emphasis on products for biological warfare defense. SIGA believes that it is a leader in the development of pharmaceutical agents to fight potential biowarfare pathogens. In addition to smallpox, SIGA has antiviral programs targeting other Category A pathogens, including arenaviruses (Lassa fever, Junin, Machupo, Guanarito, Sabia, and lymphocytic choriomeningitis), dengue virus, and the filoviruses (Ebola and Marburg). For more information about SIGA, please visit SIGA's Web site at www.siga.com.

Forward Looking Statements:

This Press Release contains or implies certain "forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding the efficacy of potential products, the timelines for bringing such products to market and the availability of funding sources for continued development of such products. Forward-looking statements are based on management's estimates, assumptions and projections, and are subject to uncertainties, many of which are beyond the control of SIGA. Actual results may differ materially from those anticipated in any forward-looking statement. Factors that may cause such differences include the risks that (a) potential products that appear promising to SIGA or its collaborators cannot be shown to be efficacious or safe in subsequent pre-clinical or clinical trials, (b) SIGA or its collaborators will not obtain appropriate or necessary governmental approvals to market these or other potential products, (c) SIGA may not be able to obtain anticipated funding for its development projects or other needed funding, (d) SIGA may not be able to secure funding from anticipated government contracts and grants, (e) SIGA may not be able to secure or enforce adequate legal protection, including patent protection for its products and (f) regulatory approval for SIGA's products may require further or additional testing that will delay or prevent approval. More detailed information about SIGA and risk factors that may affect the realization of forward-looking statements, including the forward-looking statements in this Press Release, is set forth in SIGA's filings with the Securities and Exchange Commission, including SIGA's Annual Report on Form 10-K for the fiscal year ended December 31, 2006, and in other documents that SIGA has filed with the Commission. SIGA urges investors and security holders to read those documents free of charge at the Commission's Web site at http://www.sec.gov. Interested parties may also obtain those documents free of charge from SIGA. Forward-looking statements speak only as to the date they are made, and, except for any obligation under the U.S. federal securities laws, SIGA undertakes no obligation to publicly update any forward-looking statement as a result of new information, future events or otherwise.