The Company recognized revenues from grants and contracts of $1.5 million for the quarter ended June 30, 2007, essentially flat when compared to same quarter of the prior year. Operating loss for the quarter was $2 million as compared to $2.6 million for the comparable quarter of the previous year. The recognition of a non-cash gain of $2.4 million reflecting a decline of the fair market value of certain rights and warrants to purchase common shares of the Company resulted in earnings per share, on a fully diluted basis, of $0.02 as compared to a loss of ($0.08) for the same period last year.

For the six months ended June 30, 2007, the Company reported revenue of $3.3 million, an increase of approximately 17% as compared to the $2.9 million reported for the same period of the previous year. Operating loss for the period was approximately $3.8 million, slightly less than the $3.9 million operating loss reported for the period ended June 30, 2006. Net loss per share for the periods ending June 30, 2007 and 2006 were ($0.08) and ($0.19) respectively. Reflected in net income was a non-cash gain of approximately $1 million in 2007 compared to a non-cash loss of $1.1 million in 2006 reflecting changes in the fair value of rights and warrants to purchase common shares.

Total cash and equivalents and short-term investments at June 30, 2007 totaled approximately $9.3 million as compared to approximately $10.7 million at December 31, 2006.

"Bringing ST-246 along the regulatory pathway continues to be our primary objective. Our 21-day, escalating, multiple-dose, Phase 1 safety trial continues to proceed as expected and we look forward to bringing the trial to a formal conclusion sometime this fall," stated Dr. Eric Rose, Chairman and Chief Executive Officer of SIGA Technologies. Rose continued, "The quarter was also highlighted by the successful results of a proof of concept guinea pig trial of our lead Lassa fever virus drug, ST-193. This was a significant milestone for SIGA as it relates to the identification and advancement of innovative drug technology through our pipeline and we expect to proceed with a second animal trial for ST-193 in the near future."

Conference Call Information:

SIGA Technologies will hold a conference call to review its second quarter 2007 results on Thursday, August 16, 2007 at 10:00 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: (866) 356-4281 (domestic) or (617) 597-5395 (international), pass code # 33753202. 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 August 23, 2007, by dialing (888) 286-8010 (domestic) or (617) 801-6888 (international) using confirmation pass code 89430727.

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.