SIGA TECHNOLOGIES INC — Director's Dealing 2003

Oct 10, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SIGA TECHNOLOGIES INC (SIGA)
CIK: 0001010086
Period of Report: 2003-10-08

Reporting Person: MAFCO HOLDINGS INC (10% Owner)
Reporting Person: PERELMAN RONALD O (10% Owner)
Reporting Person: MACANDREWS & FORBES HOLDINGS INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-10-08	Common Stock	X	1396462	$1.44	Acquired	2578374	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-10-08	Warrant (right to buy)	$2	X	698232	Acquired	2010-10-14	Common Stock (698232)	Indirect
2003-10-08	Option (right to buy)	$1.44	X	1396462	Disposed	2003-10-13	Common Stock (1396462)	Indirect
2003-10-08	Option (right to buy)	$1.44	G	3472222	Disposed	2003-10-13	Common Stock (3472222)	Indirect
2003-10-08	Option (right to buy)	$1.44	G	3472222	Acquired	2003-10-13	Common Stock (3472222)	Indirect
2003-10-08	Option (right to buy)	$	X	698232	Disposed	2003-10-13	Warrant (698232)	Indirect
2003-10-08	Option (right to buy)	$	G	1736111	Disposed	2003-10-13	Warrant (1736111)	Indirect
2003-10-08	Option (right to buy)	$	G	1736111	Acquired	2003-10-13	Warrant (1736111)	Indirect

Footnotes

F1: Common Stock, par value $0.0001 per share ("Common Stock").

F2: On August 13, 2003, MacAndrews & Forbes Holdings Inc. ("Holdings"), a wholly owned subsidiary of Mafco Holdings Inc. and a joint filer hereunder, and SIGA Technologies, Inc. (the "Company") entered into a Securities Purchase Agreement (the "Purchase Agreement"). Pursuant to the Purchase Agreement, Holdings acquired an option (the "SIGA Option"), exercisable from time to time, to purchase (a) up to 6,146,875 shares of Common Stock ("Tranche B Shares") at a per share puchase price of $1.44 and (b) a warrant to purchase a number of shares of Common Stock equal to 50% of the number of Tranche B Shares, exercisable for $2.00 per share, for no additional consideration. On October 8, 2003, Holdings exercised a portion of the SIGA Option.

F3: This warrant was received, for no additional consideration, along with the 1,396,462 Tranche B Shares issued to Holdings upon exercise of a portion of the SIGA Option.

F4: As a result of the receipt of the 1,396,462 Tranche B Shares issued to Holdings upon exercise of a portion of the SIGA Option, the SIGA Option was reduced by a like amount. The SIGA Option was acquired for no consideration.

F5: On October 8, 2003, in accordance with the Purchase Agreement, Holdings assigned a portion of the SIGA Option to TransTech Pharma, Inc. ("TTP"), an entity affiliated with Ronald Perelman, a joint filer hereunder, for no consideration. TTP is a corporation in which Mr. Perelman has a direct ownership interest. Mr. Perelman disclaims beneficial ownership of the securities reported on the Form 4 as owned by TTP, except to the extent of his pecuniary interest therein. Neither Holdings nor Mafco Holdings Inc. has any pecuniary interest in securities held by TTP.

F6: As a result of the receipt of the warrant to purchase 698,232 shares of Common Stock issued to Holdings upon exercise of a portion of the SIGA Option, the SIGA Option was reduced by a like amount. The SIGA Option was acquired for no consideration.