The Company recognized revenues from grants and contracts of $1.6 million for the quarter ended September 30, 2007, as compared to $2 million for the same quarter of the prior year. Operating loss for the quarter was $1.6 million as compared to approximately $1 million for the comparable quarter of the previous year. The recognition of a non-cash charge of $1 million reflecting a decline of the fair market value of certain rights and warrants to purchase common shares of the Company resulted in loss per share, on a diluted basis, of ($0.07) as compared to a loss of ($0.02) for the same period last year.

For the nine months ended September 30, 2007, the Company reported revenue of $4.9 million, as compared to the same figure reported for the same period of the previous year. Operating loss for the period was approximately $5.4 million, as compared to a $4.9 million operating loss reported for the period ended September 30, 2006. Net loss per share for the periods ending September 30, 2007 and 2006 were ($0.15) and ($0.21) respectively.

Total cash and equivalents and short-term investments at September 30, 2007 totaled approximately $8.1 million as compared to approximately $10.7 million at December 31, 2006 and the company reported no long term debt.

"The results of the quarter were in line with our internal expectations as we carried on the process of bringing our lead drug candidate, ST-246, along the regulatory pathway. During the quarter we continued to effectively utilize our fast-track status with the FDA to have iterative interactions with them, helping us to define the drug specifications, pivotal animal study protocols and human clinical study design. All activities continue to be directed towards completion and submission of a successful New Drug Application in the shortest time possible," stated Dr. Eric Rose, Chairman and Chief Executive Officer of SIGA Technologies.

Conference Call Information:

SIGA Technologies will hold a conference call to review its third quarter 2007 results on Thursday, November 15, 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: 888-215-7027 (domestic) or 913-312-1486 (international). The call will also be available via web cast at www.siga.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 November 22, 2007, by dialing 888-203-1112 (domestic) or 719-457-0820 (international) using replay pass code 4023702.

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.