FORM 4
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                                                              OMB APPROVAL
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                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                  STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

    Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
       Section 17(a) of the Public Utility Holding Company Act of 1935 or
               Section 30(f) of the Investment Company Actof 1940


[_]  Check this box if no longer subject to Section 16.
     Form 4 or Form 5 obligations may continue. See Instructions 1(b).
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1.   Name and Address of Reporting Person

     Cerrone, Gabriel M.
     265 East 66th Street,
     Suite 16G
     New York New York  10021
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2.   Issuer Name and Ticker or Trading Symbol

     Siga Technologies, Inc.  ("SIGA")
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3.   IRS or Social Security Number of Reporting Person (Voluntary)


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4.   Statement for Month/Year

     SEPTEMBER 2001
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5.   If Amendment, Date of Original (Month/Year)


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6.   Relationship of Reporting Person(s) to Issuer (Check all applicable)

     [x] Director                [x] 10% Owner   [_] Officer (give title below)
     [_] Other (specify below)

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7.   Individual or Joint/Group Filing (Check Applicable Line)

     [x] Form filed by One Reporting Person
     [_] Form filed by More than One Reporting Person



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 Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned                                                 |
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1. Title of Security   |2.      |3.    |4.Securities Acquired (A)         |5.Amount of        |6.Dir |7.Nature of Indirect         |
                       |  Transaction  |  or Disposed of (D)              |  Securities       |ect   |  Beneficial Ownership       |
                       |        |      |                                  |  Beneficially     |(D)or |                             |
                       |        |    | |                  | A/|           |  Owned at         |Indir |                             |
                       | Date   |Code|V|    Amount        | D |    Price  |  End of Month     |ect(I)|                             |
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Common Stock           |09/19/01|  P  | |    19,584       | A |    (1)    | 1,926,972(2)      | I(3) |By Panetta Partners Ltd.(4)  |
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                       |        |     | |                 |   |           |                   |      |                             |
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                       |        |     | |                 |   |           |                   |      |                             |
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                       |        |     | |                 |   |           |                   |      |                             |
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                       |        |     | |                 |   |           |                   |      |                             |
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Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction
5(b)(v).

                                                                          (Over)
                                                                 SEC 1474 (7-96)
                                                                     Page 1 of 2




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 Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned                                                   |
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1.Title of      |2.Con-  |3.      |4.    |5.Number of De |6.Date Exer      |7.Title and Amount |8.Price|9.Number    |10.|11.Nature |
  Derivative    |version |Transaction    | rivative Secu |cisable and      |  of Underlying    |of Deri|of Deriva   |Dir|of In-    |
  Security      |or Exer |        |      | rities Acqui  |Expiration       |  Securities       |vative |tive        |ect|direct    |
                |cise    |        |      | red(A) or Dis |Date(Month/      |                   |Secu   |Securities  |(D)|Beneficial|
                |Price of|        |      | posed of(D)   |Day/Year)        |                   |rity   |Benefi      |or |Ownership |
                |Deriva- |        |      |               |Date    |Expir   |                   |       |ficially    |Ind|          |
                |tive    |        |      |           | A/|Exer-   |ation   |   Title and Number|       |Owned at    |ire|          |
                |Secu-   |        |    | |           | D |cisa-   |Date    |   of Shares       |       |End of      |ct |          |
                |rity    |Date    |Code|V|  Amount   |   |ble     |        |                   |       |Month       |(I)|          |
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Stock Option    |        |        |    | |           |   |        |         | Common |         |       |            |   |          |
(Right to buy)  | $2.50  |08/15/01| A  |V| 1,075,000 |   |08/15/01| 05/03/11| Stock  |1,075,000|       |1,075,000   | D |          |
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Warrant         |        |        |    | |           |   |        |         | Common |         |       |            |   |By Panetta|
(Right to buy)  | $3.552 |09/19/01| P  | |    14,688 |   |  (5)   | 09/19/08| Stock  |   14,688|       |   14,688   | I |    (4)   |
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                |        |        |    | |           |   |        |        |        |          |       |            |   |          |
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                |        |        |    | |           |   |        |        |        |          |       |            |   |          |
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Explanation of Responses:

1.   Panetta purchased 19,584 shares of Common Stock and Warrants to purchase
     up to 14,688 shares of Common Stock for an aggregate purchase price of
     $60,000.

2.   Includes 649,388 shares of Common Stock issuable upon exercise of
     Warrants that Mr. Cerrone does not currently have the right to exercise.
     See Attachment A.

3.   Mr. Cerrone may be deemed beneficially to own 1,075,000 of the shares of
     Common Stock included in column 5 directly in his own name (issuable upon
     exercise of stock options) and the rest indirectly through Panetta.

4.   Panetta Partners Ltd., a limited partnership of which Mr. Cerrone is the
     sole general partner, is the direct owner of these securities which Mr.
     Cerrone may be deemed to beneficially own.

5.   See Attachment A.



                                               /s/ Gabriel M. Cerrone
                                               --------------------------------
                                               ** Signature of Reporting Person




                                               October 10, 2001
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                                               Date


** Intentional misstatements or omissions of facts constitute Federal Criminal
   Violations.
   See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note:   File three copies of this Form, one of which must be manually signed.
        If space provided is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB Number.


                                                                 SEC 1474 (7-96)
                                                                     Page 2 of 2



                                 ATTACHMENT A



            Reporting Person:          Gabriel M. Cerrone
            Issuer:                    SIGA Technologies, Inc. (SIGA)
            Report:                    Form 4 for September 2001


     The Reporting Person holds warrants that each provide that, with certain
limited exceptions, it is not exercisable, if as a result of such exercise,
the number of shares of Common Stock beneficially owned by the Reporting
Person and his affiliates (other than shares of Common Stock which may be
deemed beneficially owned through the ownership of the unexercised portion of
such warrants) would exceed 9.99% of the outstanding shares of Common Stock.
As a result of such restrictions and other securities which the Reporting
Person may be deemed beneficially to own as of September 30, 2001, the
Reporting Person's warrants are not presently exercisable. Nonetheless, the
Reporting Person may be deemed to have a pecuniary interest in such warrants
and in the Common Stock issuable upon exercise thereof.