SIGA Technologies (SIGA) Announces $8M Financing

June 23, 2008 8:08 AM EDT

SIGA Technologies, Inc. (NASDAQ: SIGA) announced that one of its largest investors, MacAndrews & Forbes LLC, has agreed to supply as needed up to $8.0 million in financing.

Under the agreement, SIGA has the option at any time in the next 12 months to cause MacAndrews & Forbes to purchase newly issued shares of common stock in up to three tranches at a purchase price per share equal to the lesser of $3.06 and the average of the volume-weighted average price per share for the five trading days immediately preceding the date of the purchase.

SIGA will use the proceeds from these stock sales to fund its ongoing research and development activities, to enhance its ability to commercialize its products and for general corporate purposes.

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