SIGA Technologies, Inc. (NASDAQ: SIGA) is getting crushed this morning after the Small Business Administration ruled that SIGA was “other than smallâ€Â after the U.S. Department of Health and Human Services (HHS) had announced its intention to award SIGA a contract with HHS to deliver 1.7 million courses of its smallpox antiviral for the Strategic National Stockpile. The ruling came after a protest by Chimerix, Inc.
HHS designated the proposed contract as a small business set-aside at the time of the original solicitation in March 2009, and the ruling would render SIGA ineligible for the deal if not overturned.
The company maintains that SIGA appropriately qualified as a small business concern for this procurement and it will appeal the ruling.
SIGA Technologies is seeing a large drop in shares down 22% pre-market at $10.26 after a $13.22 close Friday. The 52-week trading range is $4.83 â€" $14.38 and SIGA trades about 600,000 shares per day. SIGA has options which trade but the PUT and CALL activity is usually low; expect that to change today.
JON C.OGG
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