SIGA Technologies Named to Deloitte Tri-State Area Technology Fast 50

NEW YORK, Oct. 23, 2008 (GLOBE NEWSWIRE) -- SIGA Technologies, Inc.
(Nasdaq:SIGA), a company specializing in the development of pharmaceutical
agents to fight bio-warfare pathogens, today announced that it has been selected
as a winner of the Deloitte New York, New Jersey, Connecticut Technology Fast 50
Program for 2008.

The regional award, which recognizes the 50 fastest growing technology, media,
telecommunications and life sciences companies in the Tri-State area, based on
percentage revenue growth over five years, ranked SIGA as 44 on the list. The
award was presented to the company on October 22 at the Metropolitan Club in New
York City.

The Fast 50 is an annual election of the 50 fastest growing technology
companies. The selection will be based on the percentage revenue growth over the
past five years (2003 to 2007). Participants may come from the public and
private sector technology and include all segments including software, Internet,
biotech/life sciences, computers/peripherals, semiconductors,
communications/networking and media/entertainment.

SIGA's revenues have come in the form of grants and contracts from the
government that support the research and development of the company's product
pipeline, most importantly its lead product candidate, ST-246, an antiviral for
orthopox viruses. Over recent years, the government has increased its support
for SIGA's products, as ST-246 and other drug candidates have continued to move
through the development pipeline. In recent weeks, the government has provided
additional support to SIGA in the form of four contracts totaling approximately
$80 million.

Commenting on the award, Dr. Eric A. Rose, SIGA's Chairman and Chief Executive
Officer, stated, "This recognition speaks to the continued support that the
government has provided in our efforts to develop a pipeline of products to
protect and defend against the threat of bio-warfare. We will use the more
recent monetary contributions from the government to further our product
pipeline, most notably our lead product candidate, ST-246."

About SIGA Technologies, Inc.

SIGA Technologies is applying viral and bacterial genomics and sophisticated
computational modeling in the design and development of novel products for the
prevention and treatment of serious infectious diseases, with an emphasis on
products for biological warfare defense. SIGA believes that it is a leader in
the development of pharmaceutical agents to fight potential bio-warfare
pathogens. SIGA has antiviral programs targeting smallpox and other Category A
pathogens, including arenaviruses (Lassa fever, Junin, Machupo, Guanarito,
Sabia, and lymphocytic choriomeningitis), dengue virus, and the filoviruses
(Ebola and Marburg). For more information about SIGA, please visit SIGA's Web
site at http://www.siga.com/.

The SIGA Technologies, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=4504

Forward-Looking Statement

This press release contains or implies certain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995, as
amended, including statements regarding the efficacy of potential products, the
timelines for bringing such products to market and the continued development and
possible eventual approval of such products. Forward-looking statements are
based on management's estimates, assumptions and projections, and are subject to
uncertainties, many of which are beyond SIGA's control. Actual results may
differ materially from those anticipated in any forward-looking statement.
Factors that may cause such differences include the risks that (a) potential
products that appear promising to SIGA or its collaborators cannot be shown to
be efficacious or safe in subsequent pre-clinical or clinical trials, (b) SIGA
or its collaborators will not obtain appropriate or necessary governmental
approvals to market these or other potential products, (c) SIGA may not be able
to obtain anticipated funding for its development projects or other needed
funding, (d) SIGA may not be able to secure funding from anticipated government
contracts and grants, (e) SIGA may not be able to secure or enforce sufficient
legal rights in its products, including sufficient patent protection for its
products and (f) regulatory approval for SIGA's products may require further or
additional testing that will delay or prevent approval. More detailed
information about SIGA and risk factors that may affect the realization of
forward-looking statements, including the forward-looking statements in this
press release, is set forth in SIGA's filings with the Securities and Exchange
Commission, including SIGA's Annual Report on Form 10-K for the fiscal year
ended December 31, 2007, and in other documents that SIGA has filed with the
Commission. SIGA urges investors and security holders to read those documents
free of charge at the Commission's Web site at http://www.sec.gov. Interested
parties may also obtain those documents free of charge from SIGA.
Forward-looking statements speak only as to the date they are made, and, except
for any obligation under the U.S. federal securities laws, SIGA undertakes no
obligation to publicly update any forward-looking statement as a result of new
information, future events or otherwise.

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CONTACT: KCSA Strategic Communications
Todd Fromer
212-896-1215
Tfromer@kcsa.com
Marybeth Csaby
212-896-1236
mcsaby@kcsa.com
David Burke
212-896-1258
dburke@kcsa.com