This article was compiled by Staff of The Life Sciences Report.
Maxim Group biotech analyst Jason Kolbert notes "steady progress" is being made by Soligenix Inc., a small-cap biotech with programs addressing bioterrorism threats and a devastating side effect of cancer treatment, in his Q1/16 update on the company.
[Editor's Note: The following has been excerpted from a Maxim Group research report. Click here to read the entire report.]
Soligenix Inc. (NASDAQ:SNGX) reported Q1/16 results with total revenues of $2.6M, including contract revenues from BARDA (Biomedical Advanced Research and Development Authority) and NIAID (National Institute of Allergy and Infectious Diseases) for development of OrbeShield and ThermoVax combined with RiVax. Net loss for the quarter was $1.1M or $(0.04) per share and the company ended the period with $4.3M in cash.
The company released positive data from the Phase 2 oral mucositis study with SGX942 this past quarter. SGX942's novel mechanism of action as an Innate Defense Regulator showed the potential to address all stages of oral mucositis disease progression. The company is currently in talks with the US and EU regulatory authorities and expects to initiate a pivotal Phase 2b/3 study before the year-end.
Soligenix continues to enroll patients for the pivotal Phase 3 study in cutaneous T-cell lymphoma with SGX301 (synthetic hypericin). Enrollment is expected to complete in H2/16. . .
The positive preliminary results of the SGX942 Phase 2 study sets the stage for Soligenix to pursue partnerships for the Phase 2/3 study. We are excited for the potential of this molecule to really have an impact in an area that represents a truly unmet medical need.
Kolbert has issued a 12-month target price of $3 per share.
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