SIGA TECHNOLOGIES INC — Director's Dealing 2004

Jan 9, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SIGA TECHNOLOGIES INC (SIGA)
CIK: 0001010086
Period of Report: 2004-01-08

Reporting Person: TRANSTECH PHARMA INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-01-08	Common Stock, par value $0.0001 per share "Common Stock")	X	3472222	$1.44	Acquired	3472222	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-01-08	Warrant (right to buy)	$2.00	X	1736111	Acquired	2011-01-08	Common Stock (1736111)	Direct
2004-01-08	Option (right to buy)	$1.44	X	3472222	Disposed	2003-10-13	Common Stock (3472222)	Direct
2004-01-08	Option (right to buy)	$	X	1736111	Disposed	2003-10-13	Warrant (1736111)	Direct

Footnotes

F1: On August 13, 2003, MacAndrews & Forbes Holdings Inc. ("Holdings") 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 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. On October 8, 2003, in accordance with the Purchase Agreement, Holdings assigned a portion of the SIGA Option to the filing person, for no consideration. The filing person and Holdings are each affiliated with Ronald Perelman. Mr. Perelman disclaims benefical ownership of all securities reported on this Form 4, except to the extent of his pecuniary interest therein.

F2: On October 8, 2003, the filing person exercised its portion of the SIGA Option, subject to the approval of the Company's stockholders pursuant to NASD Marketplace Rule 4350 ("Rule 4350"). On January 8, 2004, the Company's stockholders approved the issuance of the securities in accordance with Rule 4350, and on January 8, 2004 the filing peron acquired the securities.

F3: This warrant was received, for no additional consideration, along with the 3,472,222 Tranche B Shares issued to the filing person upon exercise of its portion of the SIGA Option.

F4: As a result of the receipt of the 3,472,222 Tranche B Shares issued to the filing person upon exercise of its portion of the SIGA Option, the SIGA Option was reduced by a like amount. The SIGA Option was acquired for no consideration.

F5: As a result of the receipt of the warrant to purchase 1,736,111 shares of Common Stock issued to the filing person upon exercise of its portion of the SIGA Option, the SIGA Option was reduced by a like amount. The SIGA Option was acquired for no consideration.