SIGA Technologies, Inc. Appoints Edward P. Taibi as A Director
August 06, 2020 at 04:33 pm EDT
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SIGA Technologies, Inc., a Delaware corporation, the Board appointed Edward P. Taibi as a director of the Company, effective immediately, restoring the number of directors serving on the Board to nine. Mr. Taibi will serve a term through the date of the next annual meeting of the Company's stockholders. Mr. Taibi is an Executive Vice President of MacAndrews & Forbes Incorporated, a related party to SIGA. Mr. Taibi will receive compensation consistent with that awarded to other non-employee Board members for their duties performed in serving on the Board, as previously disclosed in the Company's Definitive Proxy Statement filed with the Securities and Exchange Commission on April 28, 2020. As such, on the date of his appointment, Mr. Taibi was granted fully vested stock options to purchase 25,000 shares of the Company's common stock at an exercise price of $6.52 per share, the closing market price of the Company's common stock on August 6, 2020, and an award of 15,000 restricted stock units with vesting on the date of and immediately prior to the 2021 annual meeting of the Company’s shareholders. Mr. Taibi will also receive an annual retainer of $25,000 (prorated for the portion of the annual term remaining), with such payments to be made quarterly, in arrears, and meeting fees of $1,500 for each board meeting and $1,000 for each committee meeting.
SIGA Technologies, Inc. is a commercial-stage pharmaceutical company focused on the health security market. Health security comprises countermeasures for biological, chemical, radiological and nuclear attacks, vaccines and therapies for emerging infectious diseases, and health preparedness. The Company's lead product is TPOXX, also known as tecovirimat and ST-246, an orally administered and intravenous (IV) formulation antiviral drug for the treatment of human smallpox disease caused by variola virus. TPOXX is a novel small-molecule drug and the United States maintains a supply of TPOXX under Project BioShield. The European Medicines Agency and United Kingdom approvals include labeling for oral tecovirimat indicating its use for the treatment of smallpox, monkeypox, cowpox, and vaccinia complications following vaccination against smallpox. It uses third parties known as contract manufacturing organizations to procure commercial raw materials and supplies, and to manufacture TPOXX.