Sec Form 4 Filing - DRAPKIN DONALD G @ SIGA TECHNOLOGIES INC - 2005-06-02

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

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(h) of the Investment Company Act of 1940

OMB APPROVAL OMB Number: 3235-0287 Expires: November 30, 2011 Estimated average burden hours per response... 0.5

1. Name and Address of Reporting Person DRAPKIN DONALD G 2. Issuer Name and Ticker or Trading Symbol SIGA TECHNOLOGIES INC [ SIGA] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X __ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) C/O SIGA TECHNOLOGIES, INC., 420 LEXINGTON AVENUE, SUITE 408 3. Date of Earliest Transaction (MM/DD/YY) 06/02/2005 (Street) NEW YORK,, NY10170 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Stock Option (Right to buy) $ 1.35 06/02/2005 A 10,000 06/02/2005 06/02/2015 Common Stock, par value $.0001 per share 10,000 $ 0 1,513,326 ( 1 ) ( 2 ) D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other DRAPKIN DONALD G C/O SIGA TECHNOLOGIES, INC. 420 LEXINGTON AVENUE, SUITE 408 NEW YORK,, NY10170 X Signatures /s/ Donald G. Drapkin 06/06/2005 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Includes 1,135,000 shares of common stock issuable upon exercise of options, shares of common stock underlying a warrant topurchase up to 347,826 shares of common stock and shares of common stock underlying a warrant to purchase up to 30,500shares of common stock (the "Drapkin September 2001 Investor Warrant"). However, the Drapkin September 2001 InvestorWarrant 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 stockwhich may be deemed beneficially owned through the ownership of the unexercised portion of the Drapkin September 2001Investor Warrant) would exceed 9.99% of the outstanding shares of common stock. ( 2 )Does not include shares of common stock that Mr. Drapkin, as a director and Vice Chairman of Mafco Holdings Inc. andMacAndrews & Forbes or as director of TransTech Pharma, may be deemed to beneficially own and as to which Mr. Drapkindisclaims beneficial ownership.

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 4(b)(v).

** 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 is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.