updated 3/14/2011 4:19:04 PM ET 2011-03-14T20:19:04

NEW YORK, March 14, 2011 (GLOBE NEWSWIRE) -- SIGA Technologies, Inc. (Nasdaq:SIGA), a company specializing in the development of pharmaceutical agents to combat bio-warfare pathogens, announced today that William C. Bevins and Frances Fragos Townsend joined SIGA's Board of Directors.

Mr. Bevins, age 64, is currently President and Chief Executive Officer of Panavision Inc. and Senior Executive Vice President of MacAndrews & Forbes Holdings Inc. He has also held positions as President and Chief Executive Officer of Andrews Group Incorporated and its subsidiaries New World Communications Group Incorporated and Marvel Entertainment Group, Inc; as Chief Financial Officer of Turner Broadcasting System, Inc.; and as a CPA at Price Waterhouse & Co.

Ms. Townsend, age 49, is currently Senior Vice President of Worldwide Government, Legal and Business Affairs at MacAndrews & Forbes Holdings Inc. Prior to joining MacAndrews & Forbes, she was a partner at the international law firm Baker Botts, LLP following a distinguished career in government. Among her governmental responsibilities, Ms. Townsend was Assistant to President George W. Bush for Homeland Security and Counterterrorism; chair of the Homeland Security Council; Deputy Assistant to the President and Deputy National Security Advisor for Combating Terrorism; and first Assistant Commandant for Intelligence for the U.S. Coast Guard. In addition to her current responsibilities at MacAndrews & Forbes, Ms. Townsend is also a counterterrorism, national and homeland security expert for CNN and serves on numerous government advisory and nonprofit boards, chairs the Board of the Intelligence and National Security Alliance, and is a member of the Council on Foreign Relations and the Trilateral Commission.

"The experiences that Bill and Fran bring to the board will be tremendous assets in driving our near- and long-term objectives. Bill's business and leadership skills will be valuable in guiding our corporate development and our continuing drive to become a commercial-stage company. And Fran's extensive leadership experience within government will provide us with unique insights as we continue to develop and commercialize medical countermeasures to bioterrorism," commented Dr. Eric Rose, SIGA's Chairman and Chief Executive Officer. "We are fortunate to have such distinguished board members and look forward to their input."

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 bio-warfare pathogens. SIGA has antiviral programs targeting smallpox and 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 http://www.siga.com/ .

The SIGA Technologies, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4504

Forward-looking Statements

This press release contains certain "forward-looking statements"' within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding product development and timelines for bringing SIGA's products to market. 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 (i) the risk that 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, (ii) the risk that SIGA or its collaborators will not obtain appropriate or necessary governmental approvals to market these or other potential products, (iii) the risk that SIGA may not be able to obtain anticipated funding for its development projects or other needed funding, (iv) the risk that SIGA may not be able to secure funding from anticipated government contracts and grants, (v) the risk that SIGA may not be able to secure or enforce sufficient legal rights in its products, including patent protection, for its products, (vi) the risk that any challenge to our patent and other property rights, if adversely determined, could affect our business and, even if determined favorably, could be costly, (vii) the risk that regulatory requirements applicable to SIGA's products may result in the need for further or additional testing or documentation that will delay or prevent seeking or obtaining needed approvals to market these products, (viii) the risk that the U.S. Biomedical Advanced Research and Development Authority ("BARDA") may not complete a procurement of a smallpox antiviral for the strategic national stockpile, or may complete it on terms other than those announced to date, (ix) the risk that any contractual award we may receive to supply a smallpox antiviral may be subject to one or more protests which may cause such contract award to be delayed or denied, (x) the risk that the volatile and competitive nature of the biotechnology industry may hamper SIGA's efforts, (xi) the risk that the changes in domestic and foreign economic and market conditions may adversely affect SIGA's ability to advance its research or its products, and (xii) the effect of federal, state, and foreign regulation on SIGA's businesses. More detailed information about SIGA and risk factors that may affect the realization of forward-looking statements, including the forward-looking statements in this presentation, 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, 2010, and in other documents that SIGA has filed with the SEC. SIGA urges investors and security holders to read those documents free of charge at the SEC'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 of the date they are made, and except for our ongoing obligations under the United States of America federal securities laws, we undertake no obligation to publicly update any forward-looking statements whether as a result of new information, future events or otherwise.

CONTACT: KCSA Strategic Communications
         Todd Fromer / Marybeth Csaby
         212-896-1215 / 1236
         Tfromer@kcsa.com / mcsaby@kcsa.com

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