NEW YORK - SIGA Technologies, Inc. (NASDAQ:SIGA), a company specializing in pharmaceutical preparations, disclosed today the immediate termination of Dr. Jay Varma from his roles as Executive Vice President and Chief Medical Officer. The Board of Directors' decision also concludes Dr. Varma's service on the Company's Board, effective today.
The termination, as detailed in the company's recent 8-K filing with the Securities and Exchange Commission, was not for cause. Dr. Varma's departure is in accordance with the terms set out in his employment agreement. This development marks a significant change in SIGA Technologies' executive team, as Dr. Varma held a pivotal position within the company.
SIGA Technologies, incorporated in Delaware with headquarters at 31 East 62nd Street, New York, operates under the name 03 Life Sciences following its name change from SIGA Pharmaceuticals Inc. in 1996. The pharmaceutical company, identified by IRS number 133864870, is listed on The Nasdaq Global Market under the ticker symbol SIGA.
The company has not provided additional details regarding the circumstances of Dr. Varma's termination or information about a potential successor. The 8-K filing, which serves as the source of this information, is a regulatory requirement intended to inform shareholders and the Securities and Exchange Commission about significant events that may affect a company's operations or share value.
Dr. Varma's departure from SIGA Technologies comes at a time when the company has not indicated any immediate plans for the appointment of a new Executive Vice President and Chief Medical Officer. Stakeholders in the pharmaceutical industry and shareholders of SIGA will be closely monitoring the company's next steps following this abrupt leadership change.
In other recent news, SIGA Technologies has reported a significant increase in product revenues for the second quarter of 2024, reaching $21 million, primarily driven by TPOXX deliveries to various clients, including the Department of Defense and 11 international clients.
The company has also secured a $9 million Department of Defense contract for the procurement of TPOXX, marking the third such contract in recent years. This comes on top of outstanding orders totaling approximately $154 million for the antiviral medication.
In the executive sphere, Dr. Jay K. Varma, the Executive Vice President and Chief Medical Officer, has commenced an indefinite leave of absence from his executive roles and as a member of the company's Board of Directors. The company has not provided additional details regarding the circumstances of Dr. Varma's departure or information about a potential interim or permanent replacement.
On the research front, preliminary data from a trial named PALM 007, sponsored by the National Institute of Allergy and Infectious Diseases, indicated potential benefits of tecovirimat, an antiviral drug, for certain patient groups, despite not meeting its primary endpoint. SIGA Technologies is also expanding TPOXX indications and progressing with clinical trials for a new monkeypox strain, targeting to file a supplemental New Drug Application by 2025.
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