UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                  SCHEDULE 14A
                Proxy Statement pursuant to Section 14(a) of the
                         Securities Exchange Act of 1934

Filed by the Registrant  |X|
Filed by a Party other than the Registrant  |_|

Check the appropriate box:

|X|      Preliminary Proxy Statement
|_|      Confidential, for Use of the Commission Only (as permitted by
         Rule 14a-6(e)(2))
|_|      Definitive Proxy Statement
|_|      Definitive Additional Materials
|_|      Soliciting Material Under Rule 14a-12

                             SIGA TECHNOLOGIES, INC.
                (Name of Registrant as Specified in Its Charter)

                                       N/A
    (Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

|X|      No fee required
|_|      Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11

         (1)     Title of each class of securities to which transaction applies:
                 _______________________________________________________________
         (2)     Aggregate number of securities to which transaction applies:
                 _______________________________________________________________
         (3)     Per unit price or other underlying value of transaction
                 computed pursuant to Exchange Act Rule 0-11 (set forth the
                 amount on which the filing fee is calculated and state how it
                 was determined):
                 _______________________________________________________________
         (4)     Proposed maximum aggregate value of transaction:
                 _______________________________________________________________
         (5)     Total fee paid:
                 _______________________________________________________________

|_|      Fee paid previously with preliminary materials.
|_|      Check box if any part of the fee is offset as provided by Exchange Act
         Rule 0-11(a)(2) and identify the filing for which the offsetting fee
         was paid previously. Identify the previous filing by registration
         statement number, or the Form or Schedule and the date of its filing.

         (1)     Amount Previously Paid:
                 _______________________________________________________________
         (2)     Form, Schedule or Registration Statement No.:
                 _______________________________________________________________
         (3)     Filing Party:
                 _______________________________________________________________
         (4)     Date Filed:
                 _______________________________________________________________


                             SIGA Technologies, Inc.
                         420 Lexington Avenue, Suite 408
                            New York, New York 10170
                                 (212) 672-9100

[INSERT DATE]

Dear Stockholder:

      You are cordially invited to attend the Special Meeting of Stockholders of
SIGA  Technologies,  Inc.  which  will be held at the  offices  of Kramer  Levin
Naftalis & Frankel LLP, 1177 Avenue of the Americas,  29 th Floor, New York, New
York  10036  at 10:30  a.m.  (local  time) on  [INSERT  DATE]  2007,  and at any
adjournment or  postponement  thereof.  On the following pages you will find the
formal notice of special meeting and proxy statement.

      To assure that you are represented at the Special Meeting,  whether or not
you plan to attend the meeting in person, please read carefully the accompanying
proxy  statement,  which  describes  the  matters to be voted  upon,  and please
complete, date, sign and return the enclosed proxy card promptly.

      I hope that you will attend the  meeting and I look  forward to seeing you
there.

                                             Sincerely,



                                             /s/ Eric A. Rose
                                             -----------------

                                             Eric A. Rose, M.D.
                                             Chief Executive Officer
                                             and Chairman of the Board



                             SIGA Technologies, Inc.
                         420 Lexington Avenue, Suite 408
                            New York, New York 10170


                    NOTICE OF SPECIAL MEETING OF STOCKHOLDERS
                        TO BE HELD ON [INSERT DATE], 2007

      NOTICE IS HEREBY  GIVEN  that the  Special  Meeting of  Stockholders  (the
"Special Meeting") of SIGA Technologies,  Inc., a Delaware corporation ("SIGA"),
will be held on [DAY],  [INSERT DATE],  2007, at 10:30 a.m. (local time), at the
offices of Kramer  Levin  Naftalis & Frankel LLP,  1177 Avenue of the  Americas,
29th Floor, New York, New York 10036, and at any adjournment.

      At the Special Meeting,  SIGA's  stockholders will be voting on a proposal
to do the following:

      1.    To amend the  certificate of  incorporation  to increase  authorized
            common stock by 50,000,000  shares to  100,000,000  shares of common
            stock.

      Stockholders of record at the close of business on [INSERT DATE], 2007 are
entitled to notice of, and to vote at, the Special Meeting or any adjournment or
postponement  thereof.  A list of such  stockholders  will be  available  at the
Special Meeting and for any purpose related to the Special  Meeting,  during the
ten days  prior to the  Special  Meeting,  at  SIGA's  office,  during  ordinary
business hours.

      All stockholders are cordially  invited to attend the Special Meeting.  If
you do not expect to be present at the Special  Meeting,  you are  requested  to
fill in, date and sign the  enclosed  proxy and mail it promptly in the enclosed
envelope to make sure that your shares are  represented at the Special  Meeting.
In the event you decide to attend the Special Meeting in person, you may, if you
desire, revoke your proxy and vote your shares in person.

                             YOUR VOTE IS IMPORTANT

   IF YOU ARE UNABLE TO BE PRESENT PERSONALLY, PLEASE MARK, SIGN AND DATE THE
 ENCLOSED PROXY, WHICH IS BEING SOLICITED BY THE BOARD OF DIRECTORS, AND RETURN
                      IT PROMPTLY IN THE ENCLOSED ENVELOPE.


                                        By Order of the Board of Directors,



                                        /s/  Thomas N. Konatich
                                        -----------------------
                                        Thomas N. Konatich
                                        Secretary

New York, New York
[INSERT DATE], 2007



                             SIGA Technologies, Inc.
                         420 Lexington Avenue, Suite 408
                            New York, New York 10170

                                 --------------
                                 PROXY STATEMENT
                         SPECIAL MEETING OF STOCKHOLDERS
                               [INSERT DATE], 2007

                                 --------------

      This proxy statement is furnished to  stockholders  of SIGA  Technologies,
Inc.   ("SIGA")  in  connection  with  the  solicitation  of  proxies,   in  the
accompanying  form, by the Board of Directors of SIGA (the "Board of Directors")
for use in voting at the Special Meeting of Stockholders (the "Special Meeting")
to be held at the offices of Kramer Levin Naftalis & Frankel LLP, 1177 Avenue of
the Americas,  29th Floor,  New York, New York 10036,  on [DAY],  [INSERT DATE],
2007, at 10:30 a.m., and at any adjournment or postponement thereof.

      This proxy statement,  and the accompanying form of proxy, are first being
mailed to stockholders on or about [INSERT DATE], 2007.

                    VOTING RIGHTS AND SOLICITATION OF PROXIES

Purpose of the Special Meeting

      The  specific  proposal  to be  considered  and acted upon at the  Special
Meeting  is  summarized  in  the  accompanying  Notice  of  Special  Meeting  of
Stockholders. The proposal is described in more detail in this proxy statement.

Record Date and Outstanding Shares

      The Board of Directors  has fixed the close of business on [INSERT  DATE],
2007  as  the  record  date  (the  "Record  Date")  for  the   determination  of
stockholders  entitled to notice of, and to vote at, the Special  Meeting.  Only
stockholders  of record  at the close of  business  on the  Record  Date will be
entitled  to  vote  at the  Special  Meeting  or any  and  all  adjournments  or
postponements  thereof.  As of the Record Date,  SIGA had issued and outstanding
[INSERT] shares of common stock, par value $.0001 per share ("Common Stock").

Voting at the Special Meeting

      Each share of Common Stock outstanding on the Record Date will be entitled
to one vote on the matter submitted to a vote of the stockholders.

      The presence,  in person or by proxy,  of the holders of a majority of the
votes  entitled to be cast by the  stockholders  entitled to vote at the Special
Meeting is necessary to constitute a quorum.  Abstentions and broker "non-votes"
are  counted as present  and  entitled to vote for  purposes  of  determining  a
quorum.  A  broker  "non-vote"  occurs  when  a  nominee  holding  shares  for a
beneficial owner does not vote on a particular proposal because the nominee does
not  have  discretionary  voting  power  for  that  particular  item and has not
received instructions from the beneficial owner.

      For  the  amendment  of  the  certificate  of  incorporation  to  increase
authorized  common stock by 50,000,000  shares to  100,000,000  shares of common
stock, the affirmative vote of a majority of the total votes entitled to be cast
by the  stockholders  on such  proposal  in  person  or by proxy at the  Special
Meeting is required.  Abstentions  and broker  "non-votes" for such proposal are
not considered to have been voted on the proposal.


                                       1


Revocability and Voting of Proxies

      Any person signing a proxy in the form  accompanying  this proxy statement
has the  power to  revoke  it prior to the  Special  Meeting  or at the  Special
Meeting prior to the vote  pursuant to the proxy.  A proxy may be revoked by any
of the following methods:

o     by writing a letter  delivered to Thomas N.  Konatich,  Secretary of SIGA,
      stating that the proxy is revoked;

o     by submitting another proxy with a later date; or

o     by attending the Special Meeting and voting in person.

      Please note, however, that if a stockholder's shares are held of record by
a  broker,  bank or other  nominee  and that  stockholder  wishes to vote at the
Special Meeting, the stockholder must bring to the Special Meeting a letter from
the broker,  bank or other  nominee  confirming  that  stockholder's  beneficial
ownership of the shares.

      Unless we receive  specific  instructions  to the  contrary or unless such
proxy is revoked,  shares  represented  by each properly  executed proxy will be
voted:  (i) FOR the amendment of the  certificate of  incorporation  to increase
authorized  common stock by 50,000,000  shares to  100,000,000  shares of common
stock;  and (ii) with respect to any other matters that may properly come before
the Special  Meeting,  at the  discretion  of the proxy  holders.  SIGA does not
presently anticipate that any other business will be presented for action at the
Special Meeting.

Solicitation

      SIGA will pay the costs relating to this proxy  statement,  the proxy card
and the Special  Meeting.  SIGA may reimburse  brokerage firms and other persons
representing  beneficial  owners of  shares  for their  expenses  in  forwarding
solicitation  material to  beneficial  owners.  Directors,  officers and regular
employees may also solicit proxies by telephone,  facsimile or other means or in
person. They will not receive any additional payments for the solicitation.


                                       2


                                 PROPOSAL NO. 1

    APPROVAL OF THE AMENDMENT TO THE CERTIFICATE OF INCORPORATION TO INCREASE
                            AUTHORIZED CAPITAL STOCK



      The  Certificate  of  Incorporation   currently   authorizes  us  to  have
50,000,000  shares of common  stock.  The Board of  Directors  has  approved the
resolution and proposes to amend Article  FOURTH of our Restated  Certificate of
Incorporation to increase the authorized  common stock to 100,000,000  shares of
common stock.  Although the Company has no current plans to issue any additional
shares of common stock,  other than in connection with granting stock options to
senior management and directors,  we continuously  evaluate potential financing,
acquisition  and other  corporate  opportunities,  some of which may require the
issuance of our common  stock.  This  proposal  would not affect the validity or
status of any currently  outstanding shares of common stock. If this proposal is
approved by our stockholders, we plan to file with the Secretary of State of the
State of Delaware a  Certificate  of Amendment to our  Restated  Certificate  of
Incorporation substantially in the form attached to the proxy statement as Annex
A. Of the 50,000,000  currently authorized shares of common stock, as of June 4,
2007,  we  had  33,489,812  shares  of  common  stock   outstanding,   7,420,912
outstanding  options  to  acquire  shares of our  common  stock,  and  8,653,115
warrants to acquire shares of our common stock.


      The Board of Directors  believes  that an increase in the number of shares
of authorized  common stock would benefit us and our  stockholders  by giving us
needed  flexibility in our corporate  planning in responding to  developments in
our business, including possible financing and acquisition transactions,  common
stock splits or dividends and for other general corporate purposes.  Having such
authorized  shares  available  for issuance in the future would  provide us with
greater  flexibility  and, if necessary,  allow common stock to be issued in the
future without expense or delay.

      Unless otherwise  required by applicable law or regulation,  the shares of
common stock to be authorized  will be issued without further  authorization  by
vote or consent of the stockholders and on such terms and for such consideration
as may be determined by the Board of Directors.

      THE BOARD OF DIRECTORS  RECOMMENDS  THAT THE  STOCKHOLDERS  VOTE "FOR" THE
APPROVAL  OF THE  AMENDMENT  TO THE  CERTIFICATE  OF  INCORPORATION  TO INCREASE
AUTHORISED CAPITAL STOCK.


                                       3


         SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT


      The  following  tables  set  forth  certain   information   regarding  the
beneficial  ownership of SIGA's voting securities as of June 4, 2007 of (i) each
person known to SIGA to beneficially own more than 5% of the applicable class of
voting  securities,  (ii) each director and director nominee of SIGA, (iii) each
Named Executive Officer and (iv) all directors and executive officers of SIGA as
a group.  As of June 4, 2007, a total of 33,489,812  shares of Common Stock were
outstanding.  Each share of Common  Stock is  entitled to one vote on matters on
which  holders  of Common  Stock  are  eligible  to vote.  The  column  entitled
"Percentage  of Total Voting Stock  Outstanding"  shows the  percentage of total
voting stock beneficially owned by each listed party.

      The  number  of  shares  beneficially  owned  is  determined  under  rules
promulgated by the Securities and Exchange  Commission,  and the  information is
not necessarily  indicative of beneficial ownership for any other purpose. Under
those rules, beneficial ownership includes any shares as to which the individual
has sole or shared  voting power or  investment  power and also any shares which
the individual has the right to acquire within 60 days of June 4, 2007,  through
the exercise or conversion of any stock option, convertible security, warrant or
other  right.  Unless  otherwise  indicated,  each person or entity named in the
table has sole voting power and investment power (or shares that power with that
person's  spouse) with respect to all shares of capital stock listed as owned by
that person or entity.


                            Ownership of Common Stock


      The  following  tables  set  forth  certain   information   regarding  the
beneficial  ownership of SIGA's  voting  securities  as of June 4, 2007 of (i)
each person  known to SIGA to  beneficially  own more than 5% of the  applicable
class of voting  securities,  (ii) each  director and director  nominee of SIGA,
(iii) each Named Executive Officer,  and (iv) all directors and officers of SIGA
as a group.  As of June 4, 2007, a total of 33,489,812  shares of common stock
were outstanding.  Each share of common stock is entitled to one vote on matters
on  which  common  stockholders  are  eligible  to  vote.  The  column  entitled
"Percentage  of Total Voting  Stock" shows the  percentage of total voting stock
beneficially owned by each listed party.



                                                                                            Percentage of        Percentage of
Name and Address of                                               Amount of Beneficial      Common Stock          Total Voting
Beneficial Owner (1)                                                  Ownership (2)          Outstanding       Stock Outstanding
--------------------                                              --------------------      -------------      -----------------
                                                                                                             
Beneficial Holders

MacAndrews & Forbes Inc. (3)
35 East 62nd Street
New York, NY 10021 ........................................             5,620,771(4)              15.9%               15.9%

TransTech Pharma, Inc.
4170 Mendenhall Oaks Parkway
High Point, NC 27265 ......................................             5,296,634(5)              15.0%               15.0%

Donald G. Drapkin (6) (14)
30 Rockefeller Plaza, 63rd Floor
New York, NY 10020 ........................................             1,818,326(7)               5.0%                5.0%

Bernard L. Kasten Jr., M.D.(19)
8622 Twilight Tear Lane
Cincinnati, OH 45249 ......................................             1,672,360(20)              4.8%                4.8%

Officers and Directors

James J. Antal
30952 Steeplechase Dr.
San Juan Capistrano, CA 94704 .............................                66,154(8)                *                   *

Judy S. Slotkin
888 Park Avenue
NY, NY  10021 .............................................               108,849(9)                *                   *




                                       4




                                                                                                             
Thomas E. Constance
1177 Avenue of the Americas,
New York, NY 10036 ........................................               283,467(10)               *                   *

Steven L. Fasman
35 East 62nd Street
New York, NY 10021 ........................................                26,000(18)               *                   *

Scott M. Hammer, M.D.
161 Fort Washington Ave.
New York, NY 10032 ........................................                35,000(11)               *                   *

Adnan M. Mjalli, Ph.D. (14)
4170 Mendenhall Oaks Parkway, Suite 110
High Point, NC 27265 ......................................                55,000(12)               *                   *

Mehmet C. Oz, M.D.
177 Fort Washington Ave
New York, NY 10032 ........................................               155,000(13)               *                   *

Eric A. Rose, M.D. (14)
35 East 62nd Street
New York, NY 10021 .......................................                820,090(15)              2.4%                2.4%

Paul G. Savas (14)
35 East 62nd Street
New York, NY 10021 .......................................                 81,664(16)               *                   *

Michael A. Weiner, M.D.
161 Fort Washington Ave.
New York, NY 10032 .......................................                142,500(13)               *                   *

Thomas N. Konatich .......................................                545,000(17)              1.6%                1.6%

Dennis E. Hruby, Ph.D. ...................................                625,000(17)              1.9%                1.9%

All Executive Officers and Directors as a group (twelve
persons) .................................................              2,943,724(2)               8.1%                8.1%



-------------
*     Less than 1%

(1)   Unless otherwise indicated the address of each beneficial owner identified
      is 420 Lexington Avenue, Suite 408, New York, NY 10170.

(2)   Unless  otherwise  indicated,  each person has sole  investment and voting
      power with respect to the shares indicated.  For purposes of this table, a
      person or group of persons is deemed to have "beneficial ownership" of any
      shares as of a given  date  which  such  person  has the right to  acquire
      within 60 days after such date.  For purposes of computing the  percentage
      of outstanding  shares held by each person or group of persons named above
      on a given date,  any security  which such person or persons has the right
      to acquire within 60 days after such date is deemed to be outstanding  for
      the  purpose of  computing  the  percentage  ownership  of such  person or
      persons,  but is not deemed to be outstanding for the purpose of computing
      the percentage ownership of any other person.

(3)   MacAndrews & Forbes Inc. is a direct wholly-owned subsidiary of MacAndrews
      & Forbes Holdings Inc., a holding company whose sole stockholder is Ronald
      O. Perelman.

(4)   Includes  1,764,206  shares of common  stock  issuable  upon  exercise  of
      warrants.

(5)   Includes  1,824,412  shares of common  stock  issuable  upon  exercise  of
      warrants.


(6)   Mr.  Drapkin  is a director of TransTech Pharma.



                                       5


(7)   Includes  1,145,000  shares of common  stock  issuable  upon  exercise  of
      options,  shares of common  stock  underlying  a warrant to purchase up to
      347,826  shares of common  stock and shares of common  stock  underlying a
      warrant to  purchase  up to 30,500  shares of common  stock (the  "Drapkin
      September 2001 Investor  Warrant").  However,  the Drapkin  September 2001
      Investor  Warrant  provides that,  with certain limited  exceptions,  such
      warrant is not exercisable if, as a result of such exercise, the number of
      shares  of  common  stock  beneficially  owned  by  Mr.  Drapkin  and  his
      affiliates  (other  than  shares  of  common  stock  which  may be  deemed
      beneficially owned through the ownership of the unexercised portion of the
      Drapkin  September  2001  Investor  Warrant)  would  exceed  9.99%  of the
      outstanding  shares of common  stock.  Does not  include  shares of common
      stock that Mr. Drapkin,  as a director and Vice Chairman of Mafco Holdings
      Inc. and  MacAndrews & Forbes or as director of TransTech  Pharma,  may be
      deemed  to  beneficially  own  and  as  to  which  Mr.  Drapkin  disclaims
      beneficial ownership.


(8)   Includes 55,000 shares of common stock issuable upon exercise of options.

(9)   Includes  55,000 shares of common stock  issuable upon exercise of options
      and 18,244 shares of common stock  issuable upon exercise of warrants held
      by Ms. Slotkin's spouse, which she may be deemed to beneficially own.

(10)  Includes  12,200  shares  issuable  upon  exercise of warrants and 255,000
      shares of common stock issuable upon exercise of options.

(11)  Includes 35,000 shares issuable upon exercise of options.

(12)  Includes  55,000 shares of common stock issuable upon exercise of options.
      Does not include shares of common stock that Dr. Mjalli,  as a director of
      TransTech  Pharma,  may be deemed to beneficially  own and as to which Dr.
      Mjalli disclaims beneficial ownership.

(13)  Includes  12,500  shares  issuable  upon  exercise of warrants and 130,000
      shares issuable upon exercise of options.

(14)  Dr. Rose, Dr. Mjalli, and Mr. Savas are directors of TransTech Pharma.

(15)  Includes  88,610 shares of common stock issuable upon exercise of warrants
      and 630,000 shares of common stock issuable upon exercise of options. Does
      not  include  shares of common  stock  that Dr.  Rose,  as a  director  of
      TransTech  Pharma,  may be deemed to beneficially  own and as to which Dr.
      Rose disclaims beneficial ownership.

(16)  Includes  9,303 shares of common stock  issuable upon exercise of warrants
      and 55,000 shares issuable upon exercise of options.

(17)  Neither of Messrs.  Konatich  and Hruby own  shares of common  stock.  All
      shares listed as beneficially owned by each of Messrs.  Konatich and Hruby
      are shares issuable upon exercise of stock options.

(18)  Includes 25,000 shares issuable upon exercise of options.


(19)  Dr.  Kasten  became our Chief  Executive  Officer in the third  quarter of
      2004. Dr. Kasten resigned as Chief Executive  Officer of SIGA effective as
      of April 30, 2006.

(20)  Includes  1,350 shares of common stock  issuable upon exercise of warrants
      and 1,310,000 shares of common stock issuable upon exercise of options

(21)  See footnotes (6)-(20).


                                       6


                              STOCKHOLDER PROPOSALS

      Stockholder  proposals  to be  presented  at the 2008  Annual  Meeting  of
Stockholders, for inclusion in SIGA's proxy statement and form of proxy relating
to that meeting,  were to have been received by SIGA at its offices in New York,
New York,  not  later  than  December  29,  2007.  We did not  receive  any such
stockholder proposals.

      In  addition,  Rule 14a-4 of the  Exchange  Act governs  SIGA's use of its
discretionary proxy voting authority with respect to a stockholder proposal that
is not  addressed  in the proxy  statement.  With  respect to SIGA's 2008 Annual
Meeting  of  Stockholders,  if  SIGA is not  provided  notice  of a  stockholder
proposal prior to March 13, 2008, SIGA will be allowed to use its  discretionary
voting  authority  when the  proposal  is raised  at the  meeting,  without  any
discussion of the matter in the proxy statement.

                                  OTHER MATTERS

      At the date of this  proxy  statement,  management  was not aware that any
matters not referred to in this proxy statement would be presented for action at
the  Special  Meeting.  If any other  matters  should  come  before the  Special
Meeting,  the persons named in the  accompanying  proxy will have  discretionary
authority to vote all proxies in  accordance  with their best  judgment,  unless
otherwise restricted by law.



                                             BY ORDER OF THE BOARD OF DIRECTORS


                                             /s/  Thomas N. Konatich
                                             ------------------------

                                             Thomas N. Konatich
                                             Secretary

Dated:  [INSERT DATE], 2007


                                       7


                             SIGA TECHNOLOGIES, INC.
                    PROXY SOLICITED BY THE BOARD OF DIRECTORS
                     FOR THE SPECIAL MEETING OF STOCKHOLDERS
                        TO BE HELD ON [INSERT DATE], 2007

      The  undersigned  hereby appoints Thomas N. Konatich as attorney and proxy
of the undersigned,  with full power of substitution,  to vote all of the shares
of stock of SIGA  Technologies,  Inc. which the  undersigned  may be entitled to
vote at the Special  Meeting of Stockholders  of SIGA  Technologies,  Inc. to be
held at the offices of Kramer Levin  Naftalis & Frankel LLP,  1177 Avenue of the
Americas, 29th floor, New York, New York 10036, on [DAY], [DATE], 2007, at 10:30
a.m.  (local  time),  and  at  any  and  all  postponements,  continuations  and
adjournments  thereof,  with all powers that the  undersigned  would  possess if
personally  present,  upon  and in  respect  of  the  following  matters  and in
accordance with the following  instructions,  with discretionary authority as to
any and all other matters that may properly come before the meeting.

UNLESS A  CONTRARY  DIRECTION  IS  INDICATED,  THIS  PROXY WILL BE VOTED FOR THE
APPROVAL  OF THE  AMENDMENT  TO THE  CERTIFICATE  OF  INCORPORATION  TO INCREASE
AUTHORIZED  COMMON STOCK BY 50,000,000  SHARES TO  100,000,000  SHARES OF COMMON
STOCK  AS MORE  SPECIFICALLY  DESCRIBED  IN THE  PROXY  STATEMENT.  IF  SPECIFIC
INSTRUCTIONS ARE INDICATED, THIS PROXY WILL BE VOTED IN ACCORDANCE THEREWITH.

THE BOARD OF DIRECTORS  RECOMMENDS A VOTE "FOR" THE APPROVAL OF THE AMENDMENT TO
THE  CERTIFICATE  OF  INCORPORATION  TO  INCREASE  AUTHORIZED  COMMON  STOCK  BY
50,000,000 SHARES TO 100,000,000 SHARES OF COMMON STOCK.

PLEASE VOTE,  SIGN,  DATE AND RETURN PROMPTLY IN THE ENCLOSED  ENVELOPE.  PLEASE
MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE: |X|

1.    To approve the amendment to the certificate of  incorporation  to increase
      the authorized common stock by 50,000,000 shares to 100,000,000  shares of
      common stock.

       |_|  FOR                      |_|  AGAINST                  |_|   ABSTAIN



THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF  DIRECTORS.  IT MAY BE REVOKED
PRIOR TO ITS EXERCISE.

RECEIPT  OF  NOTICE  OF THE  SPECIAL  MEETING  AND  PROXY  STATEMENT  IS  HEREBY
ACKNOWLEDGED,  AND THE  TERMS OF THE  NOTICE  AND  PROXY  STATEMENT  ARE  HEREBY
INCORPORATED BY REFERENCE INTO THIS PROXY.  THE  UNDERSIGNED  HEREBY REVOKES ALL
PROXIES  HERETOFORE  GIVEN  FOR  SAID  MEETING  OR  ANY  AND  ALL  ADJOURNMENTS,
POSTPONEMENTS AND CONTINUATIONS THEREOF.

PLEASE VOTE,  DATE,  SIGN AND PROMPTLY  RETURN THIS PROXY IN THE ENCLOSED RETURN
ENVELOPE WHICH IS POSTAGE PREPAID IF MAILED IN THE UNITED STATES.

____________________________________________________________________________

To  change  the  address  on your  account,  please  check  the box at right and
indicate your new address in the address  space above.  Please note that changes
to the  registered  name(s) on the account may not be submitted via this method.
|_|

Signature of Stockholder:_______________________________________________________
Date: ________________

Signature of Stockholder:_______________________________________________________
Date: ________________

PLEASE SIGN  EXACTLY AS YOUR NAME  APPEARS ON THIS PROXY.  WHERE SHARES ARE HELD
JOINTLY,  EACH HOLDER  SHOULD SIGN.  WHEN  SIGNING AS  EXECUTOR,  ADMINISTRATOR,
ATTORNEY-IN-FACT, TRUSTEE OR GUARDIAN, PLEASE GIVE FULL TITLE AS SUCH. IF SIGNER
IS A CORPORATION, PLEASE SIGN IN FULL CORPORATE NAME BY DULY AUTHORIZED OFFICER,
GIVING  FULL  TITLE AS SUCH.  IF SIGNER IS A  PARTNERSHIP,  PLEASE  SIGN IN FULL
PARTNERSHIP NAME BY AUTHORIZED PERSON.



                                                                         ANNEX A

                            CERTIFICATE OF AMENDMENT
                                       OF
                                  THE RESTATED
                          CERTIFICATE OF INCORPORATION
                                       OF
                             SIGA TECHNOLOGIES, INC.

      Pursuant  to Section 242 of the  General  Corporation  Law of the State of
Delaware (the "DGCL"),  the  undersigned,  SIGA  Technologies,  Inc., a Delaware
corporation (the "Corporation"), does hereby certify as follows:

      FIRST: The name of the Corporation is SIGA Technologies, Inc. and the name
under   which   the   Corporation   was   originally   incorporated   was   Siga
Pharmaceuticals, Inc.

      SECOND:  The original  Certificate of Incorporation of the Corporation was
filed with the  Secretary of State of the State of Delaware  (the  "Secretary of
State") on December 28, 1995, and the Restated  Certificate of  Incorporation of
the  Corporation  was filed with the Secretary of State on April 27, 2000 (as so
amended and restated, the "Certificate of Incorporation").

      THIRD:  Pursuant to Section  242(a)(3) of the DGCL, the first paragraph of
Article  FOURTH is deleted in its entirety and the following is hereby  inserted
as the first paragraph of Article FOURTH of the Certificate of Incorporation:

      "FOURTH:  The total number of shares of stock which the Corporation  shall
have the  authority  to issue is one hundred and ten  million  (110,000,000)  of
which one hundred million  (100,000,000) shares of par value of One Hundredth of
One Cent ($0.0001) each,  amounting to Ten Thousand Dollars ($10,000),  shall be
Common Stock, and of which ten million  (10,000,000)  shares of par value of One
Hundredth  of  One  Cent  ($0.0001)  each,  amounting  to One  Thousand  Dollars
($1,000), shall be Preferred Stock"

      The remainder of Article FOURTH shall be unaffected  and remain  unchanged
by the Certificate of Amendment.

      FIFTH:  This  Certificate  of Amendment  shall become  effective as of the
close of business on the date this  Certificate  of  Amendment is filed with the
Secretary of State.

      IN WITNESS  WHEREOF,  this  Certificate  of  Amendment,  having  been duly
adopted by the Board of Directors and the stockholders of the  Corporation,  has
been executed this [__________] day of [______], 2007.


                           SIGA TECHNOLOGIES, INC.


                           By: _________________________________________________
                                 Name:  ________________________________________
                                 Title: ________________________________________