SIGA Technologies - WHO declares monkeypox a global emergency
On 23 July the World Health Organization (WHO) declared monkeypox a global health emergency (only the seventh since 2009). With the anticipated worldwide mobilization and stockpiling of therapeutics worldwide, we believe SIGA is well positioned to leverage this opportunity following recent broad-label approvals for oral TPOXX (tecovirimat) in the EU and UK. While the US government has been hesitant to declare the monkeypox outbreak a public health emergency (there are currently around 2,800 cases in the US), we see an opportunity for TPOXX to expand its label in North America (approved for smallpox), which, if successful, should provide upside to the company’s commercial prospects. We maintain our estimates.SIGA Technologies 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 primary product is an oral formulation of TPOXX?, an antiviral drug for the treatment of human smallpox disease caused by variola virus. The United States Food and Drug Administration has approved oral TPOXX? for the treatment of smallpox.
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