SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): May 14, 2003 SIGA Technologies, Inc. Delaware 0-23047 13-3864870 (State or other jurisdiction Commission File Number IRS Employer ID No. of incorporation) 420 Lexington Avenue, New York, New York 10170 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (212) 672-9100SIGA TECHNOLOGIES, INC. Form 8-K TABLE OF CONTENTS Page Item 5. Other Events ....................................................... 3 Item 7. Pro Forma Financial Statements and Exhibits ........................ 4 Signatures ........................................................ 5 - 2 -
Item 5. Other Events On May 14, 2003, SIGA Technologies, Inc. (the "Company") signed definitive agreements to acquire substantially all of the assets of Plexus Vaccine Inc. and assume certain liabilities in exchange for 1,950,000 shares of the Company's common stock (par value $.0001 per share) and 190,950 of the Company's warrants and options at an initial exercise price of $1.62 per share. The acquisition was completed on May 23, 2003. On June 20, 2003 the Company received gross proceeds of $1,500,000 from a private placement of 1,250,000 shares of its common stock (par value $.0001) and 625,000 warrants to purchase common stock at an initial exercise price of $2.00 per share. The net proceeds from the private placement were $1,350,000. Statements contained herein and in future fillings by the Company with the Securities and Exchange Commission, in the Company's press releases, and in oral statements made by, or with the approval of, authorized personnel that relate to the Company's future performance, including, without limitation, statements with respect to the Company's anticipated results of operations or level of business for 2003 or for any other future period, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements, including statements regarding the efficacy and intended utilization of the Company's technologies under development, are not guarantees of future performance. Actual results may differ materially from the expectations contained in the forward-looking statements. Factors which may cause such differences include the risk that potential products that appeared promising in early research or clinical trials to the Company or its collaborators do not demonstrate efficacy or safety in subsequent pre-clinical or clinical trials, and the risk that the Company or its collaborators will not obtain appropriate or necessary governmental approvals to market products tested in such trials. More detailed information about the Company and the factors discussed above is set forth in the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-KSB for the fiscal year ended December 31, 2002, and in other documents that the Company has filed with the Securities and Exchange Commission. Investors and security holders are urged to read those documents free of charge at the Commission's web site at www.sec.gov. Those documents may also be obtained free of charge from the Company. The Company does not undertake to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise. - 3 -
Item 7(a). Pro Forma Financial Statements and Exhibits (b) Unaudited Pro Forma Balance Sheet (as of May 31, 2003) The following unaudited pro forma balance sheet is provided for illustrative purposes only. It illustrates the Company's acquisition of substantially all the assets of Plexus Vaccine Inc. and the assumption of certain liabilities in exchange for 1,950,000 shares of the Company's common stock (par value $.0001) and 190,950 of the Company's options and warrants at an initial exercise price of $1.62 per share. It also illustrates the sale by the Company of 1,250,000 shares of its common stock for net proceeds of $1,350,000, as described in Item 5 of this Form 8-K, as if the asset acquisition and private placement occurred on May 31, 2003. It does not purport to represent what the actual results of operations or financial position currently are as a result of the asset acquisition and private placement or otherwise, and is not necessarily indicative of the Company's future operating results. 31-May-03 Adjustments Adjusted as of 31-May-03 ASSETS Current Assets Cash & Cash Equiv $ 729,273 $1,350,000 $2,079,273 Accts. Receivable 78,335 -- 78,335 Prepaid Expense 136,402 -- 136,402 ---------------------------------------------- Total Current Assets 944,010 1,350,000 2,294,010 ---------------------------------------------- Fixed Assets Prop. Plant & Equipment-net 457,600 27,711 485,311 ---------------------------------------------- Other Assets 168,386 4,416,304 4,584,690 ---------------------------------------------- TOTAL ASSETS $1,569,996 $5,794,015 $7,364,011 ---------------------------------------------- LIABILITIES & EQUITY Current Liabilities Accounts Payable $ 578,446 $ -- $ 578,446 Accrued Expenses 112,416 729,142 841,558 Preferred Dividends Payable 7,520 -- 7,520 Deferred Revenue 25,996 -- 25,996 Total Current Liabilities 724,378 729,142 1,453,520 ---------------------------------------------- Equity Net Equity $ 845,618 $5,064,873 $5,910,491 ---------------------------------------------- TOTAL LIABILITIES & EQUITY $1,569,996 $5,794,015 $7,364,011 ---------------------------------------------- - 4 -
(c) Exhibits. The following documents are filed as exhibits to this report: Exhibit Description of Exhibit - ------- ---------------------- 99.1 Press Release, dated May 15, 2003, announcing the signing of definitive agreements in connection with the Company's purchase of substantially all the assets of Plexus Vaccine Inc. 99.2 Press Release, dated June 24, 2003, announcing the consummation of a private placement for 1,250,000 shares of the Company's common stock and warrants to purchase 625,000 shares of the Company's common stock. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has fully caused the report to be signed on its behalf by the undersigned, thereunto duly authorized. SIGA TECHNOLOGIES, INC. (Registrant) Date: July 10, 2003 By: /s/ Thomas N. Konatich --------------------------------- Thomas N. Konatich Chief Financial Officer (Principal Accounting Officer and Financial Officer and Vice President, Finance) - 5 -
Exhibit 99.1 SIGA Technologies, Inc. Signs Definitive Agreement to Acquire Assets of Plexus Vaccine Inc. To Add Structural Biology, Immunological Bioinformatics Tools to Rapidly Design Synthetic Vaccines against Dangerous New Pathogens New York, NY - May 15, 2003 -- SIGA Technologies (NASDAQ: SIGA and FRANKFURT: SGW 919 473) announced today it has executed a definitive agreement to acquire substantially all of the assets of San Diego based Plexus Vaccine Inc, including the equity in Plexus's Danish subsidiary Plexus Denmark ApS. The acquisition is a strategic move for SIGA to broaden its biowarfare portfolio, and to build its capability for extremely rapid design and delivery of synthetic vaccines for dangerous new pathogens. Combined, SIGA and Plexus have the potential for becoming a significant force in the discovery of vaccine and pharmaceutical agents to fight emerging pathogens. SIGA plans to incorporate structural biology capabilities from the Plexus group in California and immunological bioinformatics expertise from researchers in Denmark, while maintaining its research and development center in Corvallis, OR. The combined resources should accelerate the development of new, broadly protective synthetic vaccines against emerging or maliciously engineered pathogens such as SARS and drug-resistant biowarfare agents, and lead to vaccines with improved safety profiles for such pathogens as smallpox. The consummation is subject to customary closing conditions and is anticipated to close in the second quarter of 2003. The successful acquisition will allow SIGA to balance its approach to infectious pathogens, with significant strength in both vaccines and anti-infective drugs. Dennis E. Hruby, Chief Scientific Officer of SIGA stated: "The addition of Plexus programs and personnel provides exciting new platform technology for antigen discovery and rational vaccine design and delivery. We will be able to expedite testing and delivery of vaccines to the marketplace, with a strong portfolio in the area of biowarfare defense". Susan Burgess, PhD, President and CEO of Plexus Vaccine will, upon consummation of the acquisition, be named as President of SIGA. She states that "in addition to expertise in the design and delivery of vaccines for cellular immunity and mucosal immunity, both companies have a targeted interest in counteracting virulence factors, and in finding novel ways to avoid resistance mechanisms and genetic variance. We believe this is the future in the fight against dangerous pathogens. Our increased critical mass may help us accelerate the drive to commercial products. We intend to have a real impact on world health." -more- Plexus Denmark ApS, Plexus's Danish subsidiary to be acquired by SIGA, will work with research teams headed by Soeren Brunak of the Technical University of Denmark, and with Soeren Buus of the University of Copenhagen, in immunological bioinformatics and the computational prediction and experimental validation of key antigenic elements of pathogens.SIGA has been utilizing its proprietary vaccine delivery system for smallpox and chlamydia, while Plexus targets bacterial toxins such as those expressed by anthrax and plague. These prototype vaccine and drug developments have already been formulated and are currently entering animal testing, with the expectation for accelerated product development enabled by the Federal Drug and Administration legislation regarding Biowarfare products passed June 30, 2002. SIGA believes that the combination of the two company's technology platforms should provide SIGA with the ability to attack additional vaccine and drug targets as well as improving the vaccines and drugs they currently have in development. This acquisition will provide SIGA new delivery platforms, increase critical mass of the research team, and accelerate developmental timelines. About SIGA Technologies, Inc. SIGA Technologies (www.siga.com) is applying bacterial genomics 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. With broad technology platforms in both vaccines and anti-infectives, SIGA's product development programs emphasize the increasingly serious problem of drug resistant bacteria. SIGA's vaccine and drugs and anti-infective platforms are based on its pioneering research into the structure, function and processing of bacterial surface proteins. SIGA is leveraging these platforms through multiple strategic partners, including Wyeth-Ayerst Laboratories (the pharmaceutical division of American Home Products) and the National Institutes of Health. This news release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements, including statements regarding the efficacy and intended utilization of SIGA's technologies under development and to be acquired, are not guarantees of future performance. Actual results may differ materially from the expectations contained in the forward-looking statements. Factors which may cause such differences include the risk that potential products that appeared promising in early research or clinical trials to SIGA or its collaborators do not demonstrate efficacy or safety in subsequent pre-clinical or clinical trials, and the risk that SIGA or its collaborators will not obtain appropriate or necessary governmental approvals to market products tested in such trials. More detailed information about SIGA and the factors discussed above 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, 2002, and in other documents that SIGA has filed with the U.S. Securities and Exchange Commission. Investors and security holders are urged to read those documents free of charge at the Commission's Web site at www.sec.gov. Those documents may also be obtained free of charge from SIGA. SIGA does not undertake to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise. For more information about SIGA, please visit the Company's Web site, www.siga.com. - 2 -
Exhibit 99.2 SIGA TECHNOLOGIES COMPLETES PRIVATE PLACEMENT NEW YORK, June 24, 2003 -- SIGA Technologies, Inc. (NASDAQ: SIGA and FRANKFURT: SGW 919 473), a biopharmaceuticals company developing products for the prevention and treatment of serious infectious diseases, including products for use against biological warfare agents such as smallpox, announced today the receipt of $1,500,000 from a private placement of an aggregate of 1,250,000 shares of common stock and warrants to purchase 625,000 shares of common stock at an exercise price of $2.00 per share to a group of private investors. The offering yielded net proceeds of approximately $1,350,000 to SIGA. SIGA, which recently completed the acquisition of the assets of Plexus Vaccine Inc., has expanded its platform technology for antigen discovery and rational vaccine design and delivery of potential vaccine products to combat agents of biological terror. SIGA is working on a therapeutic for the treatment of smallpox for which it received a $1.6 million contract from the U.S. Army at the end of last year. About SIGA Technologies, Inc. SIGA Technologies (www.siga.com) is applying bacterial genomics 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. With the recent acquisition of substantially all the assets of Plexus Vaccine Inc., SIGA will be able to broaden its biowarfare portfolio, and to build its capability for extremely rapid design and delivery of synthetic vaccines for dangerous new pathogens. Combined, SIGA and Plexus have the potential of becoming a significant force in the discovery of vaccine and pharmaceutical agents to fight emerging pathogens. SIGA's product development programs emphasize the increasingly serious problem of drug resistant bacteria and emerging pathogens. SIGA's vaccine and drug platforms are based on its pioneering research into the structure, function and processing of bacterial surface proteins. SIGA is leveraging these platforms through multiple strategic partners, including Wyeth-Ayerst Laboratories (the pharmaceutical division of American Home Products) and the National Institutes of Health. This news release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements, including statements regarding the efficacy and intended utilization of SIGA's technologies under development and to be acquired, are not guarantees of future performance. Actual results may differ materially from the expectations contained in the forward-looking statements. Factors which may cause such differences include the risk that potential products that appeared promising in early research or clinical trials to SIGA or its collaborators do not demonstrate efficacy or safety in subsequent pre-clinical or clinicaltrials, and the risk that SIGA or its collaborators will not obtain appropriate or necessary governmental approvals to market products tested in such trials. More detailed information about SIGA and the factors discussed above 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, 2002, and in other documents that SIGA has filed with the U.S. Securities and Exchange Commission. Investors and security holders are urged to read those documents free of charge at the Commission's Web site at www.sec.gov. Those documents may also be obtained free of charge from SIGA. SIGA does not undertake to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise. For more information about SIGA, please visit the Company's Web site, www.siga.com. - 2 -