SIGA Technologies Inc (NASDAQ:SIGA) shares are trading higher Monday after New York City on Saturday declared monkeypox a public health emergency, which has lifted monkeypox-related stocks.
New York City officials have declared monkeypox a public health emergency due to the spread of the virus in the area. The public health emergency designation allows officials to issue emergency orders under the city health code and implement measures to help slow down the spread of the virus.
“New York City is currently the epicenter of the outbreak, and we estimate that approximately 150,000 New Yorkers may currently be at risk for monkeypox exposure,” NYC Mayor Eric Adams and NYC Department of Health and Mental Hygiene Commissioner Dr. Ashwin Vasan said Saturday in a joint statement.
According to an update from WHO on Twitter last week, more than 18,000 monkeypox cases have been reported from 78 countries.
SIGA’s lead product, TPOXX, is an orally administered antiviral drug for the treatment of smallpox. Monkeypox is in the same virus family as smallpox, but it causes milder symptoms.
Although TPOXX is not approved in the U.S., SIGA CEO Philip Gomez told Benzinga last week that the company has seen anecdotal evidence that those who take TPOXX are seeing symptoms resolve quickly.
Related Link: EXCLUSIVE: SIGA Technologies CEO Says Company Is Prepared To Respond To Monkeypox Outbreak With TPOXX Stockpile Upon Approval
The FDA on Friday noted that there is currently no human data demonstrating the efficacy of TPOXX for the treatment of monkeypox. Still, TPOXX is being made available through the CDC under an FDA authority called Expanded Access or “compassionate use.”
SIGA Price Action: SIGA has a 52-week high of $22.70 and a 52-week low of $5.84.
The stock was up 1.01% at $17.36 at press time, according to data from Benzinga Pro.
Photo: NIAID from Flickr.
