SIGA Announces Agreement to Supply TPOXX® in Morocco

Rhea-AI Summary

SIGA Technologies, Inc. (NASDAQ: SIGA) has announced an agreement to supply TPOXX® (tecovirimat) in Morocco. This marks SIGA's first commercial sale of TPOXX in Africa. The contract was executed in response to a request from Morocco's Ministry of Health to prepare and protect citizens against potential mpox outbreaks.

Tecovirimat is already approved in the U.S., Canada, and the EU, and has been available in Africa through clinical trials and WHO's emergency use access protocol. SIGA's Vice President of International Markets, Victor Gomes, expressed pride in providing access to this antiviral therapy in Morocco and thanked the Ministry of Health for their collaboration in ensuring quick delivery.

Positive

• First commercial sale of TPOXX in Africa
• Expansion into new market (Morocco)
• Collaboration with Moroccan Ministry of Health

Negative

• None.

Insights

Pharmaceutical Industry Analyst

This agreement marks a significant milestone for SIGA Technologies, representing their first commercial sale of TPOXX in Africa. The deal with Morocco's Ministry of Health demonstrates growing international recognition of TPOXX as a valuable tool in mpox preparedness. This expansion into new markets could potentially boost SIGA's revenue streams and global market share.

While the financial terms aren't disclosed, the contract likely contributes positively to SIGA's bottom line. More importantly, it establishes a foothold in the African market, which could lead to further opportunities across the continent. The company's proactive approach in making TPOXX available globally aligns with increasing concerns about infectious disease preparedness.

Investors should note that this deal may enhance SIGA's reputation as a key player in infectious disease management, potentially leading to more government contracts and partnerships. However, the impact on stock price may be without specific financial details or sales projections.

Public Health Expert

SIGA's agreement with Morocco is a notable development in global health security. By making TPOXX commercially available in Africa, where mpox outbreaks have occurred, SIGA is contributing to improved pandemic preparedness in a critical region. This move aligns with growing international efforts to strengthen health systems against emerging infectious threats.

The deal showcases the importance of public-private partnerships in addressing global health challenges. Morocco's proactive approach in securing access to TPOXX demonstrates a shift towards more comprehensive outbreak preparedness strategies among nations. This could potentially set a precedent for other countries to follow, expanding the market for antiviral therapies like TPOXX.

While the immediate public health impact may be to Morocco, this agreement could catalyze broader access to TPOXX across Africa, significantly enhancing the continent's ability to respond to potential mpox outbreaks. This development underscores the growing recognition of the need for stockpiling and rapid deployment of effective treatments against emerging infectious diseases.

NEW YORK, Oct. 08, 2024 (GLOBE NEWSWIRE) --  SIGA Technologies, Inc. (SIGA) (NASDAQ: SIGA), a commercial-stage pharmaceutical company and leader in infectious diseases, today announced that it entered into an agreement to supply TPOXX (tecovirimat) in Morocco. The contract was executed in response to a request from the Ministry of Health in Morocco to make the therapy available in the country and help prepare and protect its citizens against any potential mpox outbreak.

Tecovirimat is approved in the U.S., Canada, and the EU, and while it has also been available in Africa through clinical trials and as part of the World Health Organization’s emergency use access protocol, this agreement marks SIGA’s first commercial sale of TPOXX on the continent.

“At SIGA, we remain committed to expanding our global presence to ensure patients have access to TPOXX. We are proud to provide access to this antiviral therapy in Morocco as a potential treatment in response to the global mpox outbreak and thank the Ministry of Health of Morocco for its strong collaboration in achieving a quick delivery of TPOXX to help ensure the Moroccan population is prepared,” said Victor Gomes, Vice President, International Markets. “We look forward to working with countries and organizations across Africa to contribute to the advancement of global health.”

About SIGA
SIGA is a commercial-stage pharmaceutical company and leader in global health focused on the development of innovative medicines to treat and prevent infectious diseases. With a primary focus on orthopoxviruses, we are dedicated to protecting humanity against the world’s most severe infectious diseases, including those that occur naturally, accidentally, or intentionally. Through partnerships with governments and public health agencies, we work to build a healthier and safer world by providing essential countermeasures against these global health threats. Our flagship product, TPOXX® (tecovirimat), is an antiviral medicine approved in the U.S. and Canada for the treatment of smallpox and authorized in Europe and the UK for the treatment of smallpox, mpox (monkeypox), cowpox, and vaccinia complications. For more information about SIGA, visit www.siga.com.

Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements relating to SIGA’s future business development and plans including with respect to filling outstanding orders. The words or phrases “can be,” “expects,” “may affect,” “may depend,” “believes,” “estimate,” “will”, “project” and similar words and phrases are intended to identify such forward-looking statements.   Such forward-looking statements are subject to various known and unknown risks and uncertainties, and SIGA cautions you that any forward-looking information provided by or on behalf of SIGA is not a guarantee of future performance. SIGA’s actual results could differ materially from those anticipated by such forward-looking statements due to a number of factors, some of which are beyond SIGA’s control, including, but not limited to, (i) the risk that BARDA elects, in its sole discretion as permitted under the 75A50118C00019 BARDA Contract (the “BARDA Contract”), not to exercise the remaining unexercised option under the BARDA Contract, (ii) the risk that SIGA may not complete performance under the BARDA Contract on schedule or in accordance with contractual terms, (iii) the risk that the BARDA Contract or U.S. Department of Defense contracts are modified or canceled at the request or requirement of, or SIGA is not able to enter into new contracts to supply TPOXX to, the U.S. Government, (iv) the risk that the nascent international biodefense market does not develop to a degree that allows SIGA to continue to successfully market TPOXX internationally, (v) the risk that potential products, including potential alternative uses or formulations of TPOXX that appear promising to SIGA or its collaborators, cannot be shown to be efficacious or safe in subsequent pre-clinical or clinical trials, (vi) the risk that target timing for deliveries of product to customers, and the recognition of related revenues, are delayed or adversely impacted by the actions, or inaction, of contract manufacturing organizations, or other vendors, within the supply chain, or due to coordination activities between the customer and supply chain vendors, (vii) the risk that SIGA or its collaborators will not obtain appropriate or necessary governmental approvals to market TPOXX for smallpox or additional uses, (viii) the risk that SIGA may not be able to secure or enforce sufficient legal rights in its products, including intellectual property protection, (ix) the risk that any challenge to SIGA’s patent and other property rights, if adversely determined, could affect SIGA’s business and, even if determined favorably, could be costly, (x) 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 SIGA from seeking or obtaining needed approvals to market these products, (xi) the risk that the volatile and competitive nature of the biotechnology industry may hamper SIGA’s efforts to develop or market its products, (xii) the risk that changes in domestic or foreign economic and market conditions may affect SIGA’s ability to advance its research or may affect its products adversely, (xiii) the effect of federal, state, and foreign regulation, including drug regulation and international trade regulation, on SIGA’s businesses, (xiv) the risk of disruptions to SIGA’s supply chain for the manufacture of TPOXX®, causing delays in SIGA’s research and development activities, causing delays or the re-allocation of funding in connection with SIGA’s government contracts, or diverting the attention of government staff overseeing SIGA’s government contracts, (xv) risks associated with actions or uncertainties surrounding the debt ceiling, (xvi) the risk that the U.S. or foreign governments' responses (including inaction) to national or global economic conditions or infectious diseases, are ineffective and may adversely affect SIGA’s business, and (xvii) risks associated with responding to an mpox outbreak, as well as the risks and uncertainties included in Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2023 and SIGA's subsequent filings with the Securities and Exchange Commission. SIGA urges investors and security holders to read those documents free of charge at the SEC's website at http://www.sec.gov. All such forward-looking statements are current only as of the date on which such statements were made. SIGA does not undertake any obligation to update publicly any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.

Contact for Investor and Media Inquiries:
Suzanne Harnett
sharnett@siga.com

FAQ

What is the significance of SIGA's agreement to supply TPOXX in Morocco?

The agreement marks SIGA's first commercial sale of TPOXX in Africa, expanding their global presence and providing access to the antiviral therapy in Morocco as a potential treatment for mpox outbreaks.

Where else is TPOXX (tecovirimat) approved besides Morocco?

TPOXX (tecovirimat) is approved in the United States, Canada, and the European Union. It has also been available in Africa through clinical trials and WHO's emergency use access protocol.

What is the purpose of supplying TPOXX to Morocco?

The purpose is to help prepare and protect Moroccan citizens against potential mpox outbreaks, as requested by the Ministry of Health in Morocco.

How does this agreement affect SIGA's (NASDAQ: SIGA) global presence?

This agreement expands SIGA's global presence by entering the Moroccan market and marks their first commercial sale of TPOXX in Africa, potentially opening doors for further expansion across the continent.