And with all the turmoil, SIGA still receives payment...
biz.yahoo.com
Form 8-K for SIGA TECHNOLOGIES INC
12-Dec-2011
Other Events, Financial Statements and Exhibits
Item 8.01 Other Events.On December 6, 2011, SIGA Technologies, Inc. (the "Company") received a payment of approximately $36 million from the Biomedical Advanced Research and Development Authority of the United States Department of Health and Human Services ("BARDA"). This payment, in combination with a previously received payment of approximately $5 million, constitutes full receipt of approximately $41 million in advance payments permitted under the Company's $435 million amended smallpox antiviral contract (HHSO100201100001C) with BARDA (the "Smallpox Antiviral BioShield Contract").
The Project BioShield Act of 2004 (Public Law 108-276) and the Pandemic and All-Hazards Preparedness Act (Public Law 109-417) authorize advance payments under BioShield procurement contracts such as the Smallpox Antiviral BioShield Contract. The above-referenced advance payments from BARDA provide funding to, among other things, support program management, security upgrades, purchasing of raw materials and commencing commercial manufacturing until the Company is eligible to invoice the government after delivery of the first 500,000 treatment courses. |
