SIGA TECHNOLOGIES INC — Director's Dealing 2003

Aug 21, 2003

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: SIGA TECHNOLOGIES INC (SIGA)
CIK: 0001010086
Period of Report: 2003-08-13

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

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1181912	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Warrant (right to buy)	$2	2010-08-13	Common Stock (341493)		Indirect
Option (right to buy)	$1.44	2003-10-13	Common Stock (6146875)		Indirect
Option (right to buy)	$	2003-10-13	Warrant (3073438)		Indirect

Footnotes

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

F2: MacAndrews & Forbes Holdings Inc. ("Holdings"), a wholly owned subsidiary of Mafco Holdings Inc. and a joint filer hereunder, acquired from SIGA Technologies, Inc. (the "Company") in a private placement, pursuant to a Securities Purchase Agreement (the "Purchase Agreement") by and between the Company and Holdings, dated August 13, 2003, 682,986 shares of Common Stock at a per share purchase price of $1.44 and a warrant to purchase 341,493 shares of Common Stock, exercisable for $2.00 per share, for no additional consideration. Holdings had previously acquired 498,926 shares of Common Stock in a privately negotiated transaction.

F3: Pursuant to the Purchase Agreement, Holdings acquired an option to purchase (a) up to 6,146,875 shares of Common Stock ("Tranche B Shares") at a per share purchase 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.