Exhibit 99.1

                             SIGA TECHNOLOGIES, INC.
                  AMENDED AND RESTATED AUDIT COMMITTEE CHARTER

I.    Purpose

      The purpose of the Audit Committee (the "Committee") of the Board of
Directors (the "Board") of SIGA Technologies, Inc. (the "Company") is to
represent and assist the Board in monitoring (i) the Company's accounting,
auditing, and financial reporting processes; (ii) the integrity of the Company's
financial statements; (iii) the Company's internal controls and procedures
designed to promote compliance with accounting standards and applicable laws and
regulations; and (iv) the appointment of and evaluating the qualifications and
independence of the Company's independent auditors.

II.   Membership

      The Committee shall be comprised of three or more directors, each of whom
shall be free from any relationship that, in the opinion of the Board, would
interfere with his or her exercise of independent judgment and must be found by
the board to (i) qualify as an "independent director" under the Nasdaq
Marketplace Rules (the "Marketplace Rules"), unless the Board determines that an
exemption to such qualification is available under the Marketplace Rules, (ii)
meet the "independence" requirements under Section 10A of the Securities
Exchange Act of 1934 (the "Exchange Act") and (iii) satisfy the other
requirements of the Nasdaq Marketplace Rules. In addition, all members of the
Committee shall be able to read and understand fundamental financial statements,
including the balance sheet, income statement and cash flow statement. At least
one member of the Committee should in the judgment of the Board be an audit
committee financial expert in accordance with the rules and regulations of the
Securities and Exchange Commission (the "SEC") and shall have past employment
experience in finance or accounting, requisite professional certification in
accounting, or other comparable experience or background, which results in such
member's financial sophistication, including a current or past position as a
chief executive or financial officer or other senior officer with financial
oversight responsibilities.

      Members of the Committee shall serve at the pleasure of the Board and may
be removed at the Board's sole and absolute discretion. Members shall serve
until their successors shall be duly elected and qualified. The Committee's
chairperson shall be designated by the full Board or, if the Board does not do
so, the Committee members shall elect a chairperson by vote of a majority of the
full Committee.

III.  Meetings

      The Committee shall meet in person, telephonically or otherwise on a
regular basis but no less than once per quarter. The Committee may also hold
special meetings or act by unanimous written consent, as may be required.

      The Committee may request any officer or employee of the Company or the
Company's outside counsel or independent auditor to attend a meeting of the
Committee or to meet with any members of, or consultants to, the Committee. The
Committee may, at its option, meet with the

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independent auditor without members of management or other personnel of the
Company present.

      The chairperson of the Committee will preside at each meeting of the
Committee and, in consultation with the other members of the Committee, shall
set the frequency and length of each meeting and the agenda of items to be
addressed at each meeting. The chairperson will ensure that the agenda for each
meeting is circulated in advance of the meeting. The Committee shall keep
minutes of each of its meetings and conference calls and report its actions and
any recommendations to the Board after each of the Committee's meeting.

      The Committee meetings will be governed by the quorum and other procedures
generally applicable to meetings of the Board under the Company's bylaws, unless
otherwise stated in the bylaws of by resolution of the Board or the Committee.
The Committee shall have the authority to delegate any of its responsibilities
to subcommittees as the Committee may deem appropriate.

IV.   Committee Resources and Advisors

      The Committee shall have the authority to retain outside legal, accounting
and/or other consultants to advise the Committee as it deems necessary to carry
out its duties. The Committee shall also have the authority to obtain advice and
assistance from internal and external legal, human resource or other advisors.

      The Company will provide the appropriate funding, as determined by the
Committee, for payment of compensation to the independent auditors for audit
fees, audit related fees, tax fees and all other fees and to any advisors
engaged pursuant to the preceding paragraph or otherwise by the Committee. The
Company will also provide the appropriate funding, as determined by the
Committee, for payment of ordinary administrative expenses of the Committee that
are necessary or appropriate in carrying out its duties.

V.    Responsibilities and Duties

      The Committee shall have the following authority and responsibilities:

      Independent Auditors - Appointment and Oversight

1.    To be directly and solely responsible for the appointment, compensation
      retention and oversight of the work of the independent auditors engaged on
      any audit, including the resolution of disagreements between management
      and the auditing firm. The independent auditors shall report directly to
      the Committee. The Committee shall also have the sole authority to
      directly evaluate and terminate the Company's independent auditor.

2.    To approve in advance all auditing services (including comfort letters and
      statutory audits) performed by the independent auditors. The Committee
      shall approve in advance all non-audit services performed by the
      independent auditors as permitted under Section 10A of the Exchange Act.
      The Committee may delegate to one or more members the


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      authority to grant pre-approvals required by this section and the decision
      of such member shall be presented to the Committee at the next scheduled
      meeting of the Committee.

3.    To annually review and discuss with the independent auditors all
      relationships the independent auditors have with the Company in order to
      evaluate their continued independence. In this regard, the Committee shall
      (i) review on an annual basis a written statement from the independent
      auditors (consistent with Independent Standards Board Standard No. 1) that
      discloses all relationships and services that may impact the objectivity
      and independence of the independent auditors; (ii) discuss with the
      independent auditors any disclosed relationships or services that may
      impact their objectivity and independence; and (iii) take, or recommend
      that the full Board take, appropriate action to oversee the independence
      of the independent auditors.

4.    To annually review a report by the independent auditors describing: (i)
      the independent auditors' internal quality-control procedures; and (ii)
      any material issues raised by the most recent internal quality-control
      review, or peer review, of the firm, or by any inquiry or investigation by
      governmental or professional authorities, within the preceding five years,
      respecting one or more independent audits carried out by the firm, and any
      steps taken to deal with such issues.

5.    To confirm compliance by the auditors with laws and regulations relating
      to audit partner rotation.

6.    To review all reports required to be submitted by the independent auditors
      to the Committee under Section 10A of the Exchange Act with respect to
      critical accounting policies and practices, alternative treatments of
      financial information within generally accepted accounting principles that
      have been discussed with management, and other material communications
      with management.

7.    To meet with the independent auditor and senior financial and accounting
      personnel of the Company prior to the audit to review the planning and
      staffing of the audit and the scope of the proposed audit for the current
      year and the audit procedures to be utilized.

8.    To review with the independent auditor any problems or difficulties the
      auditor may have encountered and any management letter provided by the
      auditor and the Company's response to such letter. Such review should
      include:

      A.    Any difficulties encountered in the course of the audit work,
            including any restrictions on the scope of activities or access to
            required information.

      B.    Any changes required in the planned scope of the internal audit.

      C.    The financial and accounting department responsibilities, budget and
            staffing.

9.    To review the use of auditors other than the independent auditor in cases
      such as management's request for second opinions.


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      Financial Statements

10.   To review and discuss the annual audited financial statements (including
      disclosures made in "Management's Discussion and Analysis of Financial
      Condition and Results of Operations") and any major issues regarding
      accounting and auditing principles and practices, as well as the adequacy
      of internal controls with management of the Company including, without
      limitation, the Chief Financial Officer.

11.   To review any analysis prepared by management of the Company and the
      independent auditor of significant financial reporting issues and
      judgments made in connection with the preparation of the Company's
      financial statements.

12.   To discuss with the independent auditor the matters required to be
      discussed by Statement on Auditing Standards No. 61 relating to the
      conduct of the audit. Document that such discussion has taken place noting
      the date, participants and place of the discussion, but not the nature and
      scope of such discussion so that frank and open communication between the
      Committee and the independent auditor may occur.

13.   To obtain assurance from the independent auditor that it has reviewed the
      Company's quarterly financial reports within the meaning of the procedures
      set forth in Statement on Auditing Standards No. 71 prior to the filing of
      the Company's Form 10-Q for each quarter.

14.   To review with management of the Company and the independent auditor the
      Company's quarterly financial statements (including disclosures made in
      "Management's Discussion and Analysis of Financial Condition and Results
      of Operations") prior to the filing of the Company's Form 10-Q for each
      quarter and, if possible, prior to any quarterly earnings announcement.

15.   To review the financial statements contained in the annual report to
      stockholders with management of the Company and the independent auditor to
      determine that the independent auditor is satisfied with the disclosure
      and contents of the financial statements to be presented to the
      stockholders of the Company.

      Accounting  and Financial Reporting Processes and Risk Assessment

16.   To periodically discuss with the independent auditors, without management
      being present, their judgments about the quality, appropriateness, and
      acceptability of the Company's accounting principles and financial
      disclosure practices, as applied in its financial reporting, and the
      completeness and accuracy of the Company's financial statements

17.   To review with management, the independent auditors and the Company's
      legal advisors (as appropriate) any legal, regulatory or compliance
      matters, including any correspondence with regulators or government
      agencies and any employee complaints or


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      published reports that raise material issues regarding the Company's
      financial statements or accounting policies and any significant changes in
      accounting standards or rules promulgated by the Financial Standards
      Board, the SEC or other regulatory authorities.

18.   To discuss generally the types of information to be disclosed and the
      presentation to be made in earnings releases, including the use of
      non-GAAP financial data, and in financial information and earnings
      guidance (if any) given to analysts and ratings agencies.

19.   To review (if any) any material off-balance sheet transactions,
      arrangements and obligations (including contingent obligations) and any
      other relationships of the Company with unconsolidated entities that may
      have a current or future material effect on the Company's financial
      statements.

20.   To review the Company's major financial risk exposures, the Company's
      system of internal controls and policies relating to risk assessment and
      management and the steps management has taken to monitor and control such
      exposures.

21.   To review and discuss with the independent auditor, the Company's Chief
      Financial Officer and other senior financial and accounting personnel: (a)
      the adequacy and effectiveness of the Company's internal controls
      (including any significant deficiencies and significant changes in
      internal controls reported to the Committee by the independent auditor or
      management; (b) the Company's internal audit procedures; and (c) the
      adequacy and effectiveness of the Company's disclosures controls and
      procedures, and management reports thereon.

22.   To review any recommendations of the independent auditor, the Company's
      Chief Financial Officer and other senior financial and accounting
      personnel for the improvement of internal control procedures or particular
      areas where new or more detailed controls or procedures are desirable.

23.   To review major changes to the Company's auditing and accounting
      principles and practices as suggested by the independent auditor, Chief
      Financial Officer, other senior financial and accounting personnel or
      management of the Company.

24.   To review the significant reports to management of the Company prepared by
      the Chief Financial Officer and management's responses.

25.   To advise the Board with respect to the Company's policies and procedures
      regarding compliance with relevant laws and regulations

26.   To meet at least annually with the Chief Financial Officer and the
      independent auditor in separate executive sessions.


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      Internal Controls

27.   To establish procedures for the receipt, retention and treatment of
      complaints concerning accounting, internal accounting controls and
      auditing matters; and the confidential, anonymous submission by employees
      of the Company of concerns regarding accounting or auditing matters.

28.   To review the reports of the Chief Executive Officer and Chief Financial
      Officer (in connection with their required certifications for the
      Company's filings with the SEC) regarding any significant deficiencies or
      material weaknesses in the design or operation of internal controls, and
      any fraud that involves management or other employees who have a role in
      the Company's internal controls.

      Other

29.   To take steps to ensure that the Company shall not hire any person to
      perform a financial reporting oversight role who has provided more than
      ten hours of audit, review or attest services as part of the auditors'
      audit engagement team within the past year. For clarity a financial
      reporting oversight role refers to a role in which an individual has
      direct responsibility for or oversight of those who prepare the Company's
      financial statements and related information which will be included in the
      Company's filings with the SEC, and also includes members of the Board who
      may have significant interaction with the audit engagement team.

30.   To review and reassess the adequacy of this Charter annually and recommend
      any proposed changes to the Board for approval.

31.   To have an annual discussion regarding the effectiveness of the Committee
      and its processes and procedures.

32.   To review all press releases and publicly-distributed information of a
      financial nature prior to dissemination.

33.   To review the appointment and replacement of the Chief Financial Officer
      and other senior financial and accounting personnel.

34.   To prepare a report of the Committee as required by the rules of the SEC
      and include such report in the Company's annual proxy statement.

35.   To review and approve, pursuant to the relevant NASDAQ and SEC rules and
      regulations, all related party transactions required to be disclosed
      pursuant to Regulation S-K, Item 404 of the SEC, as such regulation may be
      amended from time to time.

36.   To review and address any notifications regarding violations of the
      Company's Code of Ethics and Business Conduct.


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VI.   Limitations on Audit Committee's Role

      The Committee members are not professional accountants or auditors and
their functions are not intended to duplicate or to certify the activities of
management and the independent auditor, nor can the Committee certify that the
independent auditor is "independent" under applicable rules. The Committee
serves a board level oversight role where it oversees the relationship with the
independent auditor, as set forth in this charter, and provides advice, counsel
and general direction, as it deems appropriate, to management and the auditors
on the basis of the information it receives, discussions with the auditor, and
the experience of the Committee's members in business, financial and accounting
matters.


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