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SIGA Technologies Inc. (NASDAQ:SIGA), a pharmaceutical company currently rated as having "EXCELLENT" financial health according to InvestingPro analysis, has announced amendments to its bylaws and a change in its fiscal year-end. The Board of Directors, following the Nominating and Corporate Governance Committee's recommendation, approved the changes effective December 10, 2024.
The updates include procedural enhancements for stockholder nominations and business proposals, reflecting the SEC's universal proxy rules. The company's stockholder list provisions have also been revised to comply with Delaware law amendments.
Furthermore, the amendments stipulate that any stockholder soliciting proxies must use a proxy card in a color other than white. Additional changes are described as ministerial, clarifying, and conforming in nature.
These bylaw modifications come as SIGA Technologies continues to navigate the regulatory environment, ensuring compliance with the latest SEC guidelines and state laws. The detailed amendments can be found in the By-laws filed as Exhibit 3.1 in the company's 8-K report.
The information is based on a press release statement and the company's recent SEC filing.
In other recent news, SIGA Technologies Inc. reported solid financial growth in its third quarter, with revenue reaching $122 million, primarily from procurement orders. This robust performance has resulted in the year-to-date revenue surpassing the previous year's total, largely due to a substantial $112.5 million order from the U.S. government. The company also reported a net income of $1 million for the third quarter and maintains a strong cash balance of $99 million, free of any debt.
SIGA's revenue sources were diverse, including significant sales of oral and IV TPOXX, international sales, and Department of Defense contracts. The company is optimistic about its future earnings, especially considering a $146 million order backlog and potential new contracts. SIGA also anticipates substantial revenues in the fourth quarter and into 2025, supported by this significant order backlog.
The company is looking forward to a new long-term contract for TPOXX with the U.S. Strategic National Stockpile in 2025 and is actively expanding its international market presence.
SIGA has also secured an exclusive license for monoclonal antibodies from Vanderbilt University, which could present new growth opportunities. Collaboration with the CDC and FDA on a post-exposure prophylaxis program for smallpox is also ongoing, with FDA submissions expected in the third quarter of 2025.
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