SIGA rises on $7.7 million grant award Print E-mail
By Staff and Wire Reports   
Wednesday, 24 August 2011 10:22
biotech tradingSIGA Technologies, Inc. (Nasdaq:SIGA), whose shares are trading at levels not seen since 2009, announced today that it has been awarded a $7.7 million grant from the National Institutes of Health (NIH) to develop an antiviral drug for treating and preventing Lassa fever and other hemorrhagic fevers of Arenavirus origin.
The Chairman and Chief Executive Officer of the the company specializing in the development of pharmaceutical agents to fight bio-warfare pathogens, Dr. Eric A. Rose commented, "This grant is a continuation of our vibrant, long-term relationship with NIH, and it highlights the strength and diversity of our drug development program."

Dr. Dennis Hruby, SIGA's Chief Scientific Officer, added, "This grant is similar to the $6.5 million grant for dengue fever drug development awarded to SIGA in May in that both grants are expected to fund development activities that will lead to an investigational new drug application ("IND") that SIGA can file with the FDA."

Shares of SIGA Technologies have been in a downtrend since June 14, 2011 when shares were at $11.23. The stock has fallen 51.3% since that time. Shares are currently up $0.27 (+5.08%) to $5.58 on the news.

Director Paul Savas, an insider at the company recently purchased $62,900 worth of stock in the open market.  Analyst opinion on the stock shows that it has one of the highest upside potentials in the sector at 281.9%. Its consensus target price is $19.25 based on the average of all estimates.

In other news, shares of SANUWAVE (OTCBB:SNWV) continue to climb after we first told our premium subscribers about the company on Monday. As reported yesterday, the company's disruptive new medical device technology is under FDA review for approval. If approved, the small biotech could become one of the leaders in the emerging field of regenerative medicine - not by harvesting or employing stem cells or creating living tissues, but by using its highly effective, non-invasive medical devices to activate a biological response for the repair and regeneration of tissue, musculoskeletal and vascular structures.The firm's patented medical device technologies are set to address multiple large healthcare markets, exceeding $10 billion in total. Shares of the low-float stock are up another $.05 (+1.56%) to $3.25 in early trading. The stock has a $6 price target from analysts.

Here is a look at some of the other mid-day movers in healthcare on Wednesday:

Gainers (% price change) Last Trade Change Mkt Cap
Par Pharmaceutical PRX 30.93 +1.72 (5.89%) 1.13B
DepoMed, Inc. DEPO 5.61 +0.31 (5.87%) 310.64M
SIGA Technologies, Inc. SIGA 5.55 +0.24 (4.52%) 284.79M
Affymetrix, Inc. AFFX 5.00 +0.21 (4.38%) 352.52M
STAAR Surgical Company STAA 7.46 +0.26 (3.61%) 266.10M
Losers (% price change)
United Therapeutics Corp. UTHR 40.30 -8.46 (-17.35%) 2.35B
Cadence Pharmaceuticals CADX 6.34 -0.59 (-8.51%) 403.32M
Human Genome Sciences HGSI 13.50 -0.79 (-5.53%) 2.57B
Immunomedics, Inc. IMMU 3.40 -0.15 (-4.23%) 256.42M
Vical Incorporated VICL 3.32 -0.14 (-4.05%) 238.51M
Most Actives (dollar volume)
United Therapeutics Corp. UTHR 40.30 -8.46 (-17.35%) 2.35B
Johnson & Johnson JNJ 65.18 +0.21 (0.32%) 178.62B
Pfizer Inc. PFE 18.28 +0.05 (0.25%) 142.66B
Medtronic, Inc. MDT 33.77 +0.67 (2.02%) 35.83B
Bristol Myers Squibb Co. BMY 28.71 -0.05 (-0.17%) 48.97B



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