SIGA TECHNOLOGIES, INC. (OTCMKTS:SIGA) Files An 8-K Entry into a Material Definitive Agreement

SIGA TECHNOLOGIES, INC. (OTCMKTS:SIGA) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.

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Entry into a Material Definitive Agreement.

On October 31, 2018, SIGA Technologies, Inc., a Delaware corporation (the “Company”), entered into an agreement (the “Asset Purchase Agreement”) for, and consummated, the sale of its medical countermeasures priority review voucher (“PRV”) to Eli Lilly and Company for a lump sum payment at closing of $80 million (the “PRV Sale”). The Company was awarded the PRV in July 2018 upon approval by the U.S. Food and Drug Administration (“FDA”) of SIGA’s New Drug Application for oral TPOXX® for the treatment of smallpox. The PRV was awarded by the FDA under a provision that encourages development of medical countermeasures enacted as part of the 21st Century Cures Act (Public Law 114-255).

In connection with the entry into the Asset Purchase Agreement, on October 31, 2018, the Company entered into an amendment (the “Loan Agreement Amendment”) to the Loan and Security Agreement (the “Loan Agreement”), dated as of September 2, 2016, by and among the Company, OCM Strategic Credit SIGTEC Holdings, LLC, as lender, Cortland Capital Market Services LLC, in its capacity as administrative agent and collateral agent, and OCM Strategic Credit SIGTEC Holdings, LLC, as sole lead arranger. The Loan Agreement Amendment revised certain definitions and a covenant to permit the PRV Sale, provided that the $80 million consideration, net of certain expenses, be held in a restricted cash account, to be available to be applied to the Company’s obligations under the Loan Agreement.

The foregoing description is qualified in its entirety by reference to the Asset Purchase Agreement and the Loan Agreement Amendment, copies of which are attached as Exhibits 2.1 and 10.1 to this Form 8-K and are incorporated herein by reference.

Item 2.01.

Completion of Acquisition or Disposition of Assets.

The disclosure regarding the Asset Purchase Agreement contained in Item 1.01 of this Current Report on Form 8-K is hereby incorporated by reference into this Item 2.01.

Item 2.03.

Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The disclosure regarding the Loan Agreement Amendment contained in Item 1.01 of this Current Report on Form 8-K is hereby incorporated by reference into this Item 2.03.

Item 9.01.

Financial Statements and Exhibits

(d) The following exhibits are included in this report:

Exhibit

No.

Description

Asset Purchase Agreement, dated October 31, 2018, by and between Eli Lilly and Company and SIGA Technologies, Inc.

Third Amendment to Loan and Security Agreement, dated October 31, 2018, by and among the Company, OCM Strategic Credit SIGTEC Holdings, LLC, as lender, Cortland Capital Market Services LLC, in its capacity as administrative agent and collateral agent, and OCM Strategic Credit SIGTEC Holdings, LLC, as sole lead arranger.

Press Release, dated November 1, 2018.


SIGA TECHNOLOGIES INC Exhibit
EX-2.1 2 ex2_1.htm EXHIBIT 2.1 Exhibit 2.1   EXECUTION VERSION   Asset Purchase Agreement   by and between   SIGA Technologies,…
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About SIGA TECHNOLOGIES, INC. (OTCMKTS:SIGA)

SIGA Technologies, Inc. (SIGA) is engaged in the development and commercialization of solutions for various unmet medical needs and biothreats. The Company’s lead product is Tecovirimat, also known as ST-246, an orally administered antiviral drug that targets orthopoxviruses. Tecovirimat is a small-molecule drug delivered to the Strategic Stockpile under the Project BioShield Act of 2004 (Project BioShield). Tecovirimat is not approved by the United States Food and Drug Administration (FDA) as a treatment of smallpox or any other indication. Tecovirimat has Orphan Drug designation for both the treatment and prevention of smallpox, and the treatment of orthopoxvirus infections (vaccinia, variola, monkeypox and cowpox). The Company uses contract manufacturing organizations (CMOs) to procure commercial raw materials and supplies, and to manufacture Tecovirimat. The Company also has a lead pre-clinical drug candidate with activity against approximately four serotypes of the dengue virus.

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