Soligenix, a development stage biopharmaceutical company, announced second quarter revenues of $762,851 as compared to $405,820 reported for second quarter of 2011. The revenue increase is related to increased reimbursable costs from the Company's ThermoVax™, Thermostability Technology Grant focused on a novel method of rendering aluminum salt adjuvanted vaccines stable at elevated temperatures.
The company recently announced the receipt of the Small Business Innovation Research Grant from the National Institute of Allergy and Infectious Diseases to further support preclinical development of OrbeShield™ as a treatment for gastrointestinal acute radiation syndrome. Soligenix also announced a collaboration with the Infectious Disease Research Institute (IDRI) of Seattle, WA to develop select biodefense vaccines. Soligenix will use the IDRI's synthetic adjuvants with the proprietary ThermoVax™ product.
Christopher J. Schaber, PhD, President and Chief Executive Officer of Soligenix stated, "In the second quarter of 2012 we continued progress in our Vaccine/BioDefense business segment with our novel vaccine thermostabilization technology, ThermoVax™ and with OrbeShield™, our treatment for gastrointestinal acute radiation syndrome. We remain committed to enhancing our product development pipeline through internal efforts and external strategic alliances. We look forward to reporting on further progress on all programs during the second half of this year."
Other reported financial highlights include:
• A net loss for the quarter ending June 30, 2012 was $979,878 or $(0.09) per share, as compared to $1,931,317 or $(0.18) per share for the quarter ending June 30, 2011; the loss is attributed to the termination of Phase 3 clinical trials of orBec® and increased gross profit related to ThermoVax™(
• Reduced research and development costs of $500,980 versus prior year ($1,513,722) due to reduced spending in connection with the Phase 3 clinical trial of orBec®
• A robust cash position of approximately $4,430,000 with working capital of approximately $3,630,000
About Soligenix, Inc.:
Soligenix is a development stage biopharmaceutical company developing products to treat life-threatening side effects of cancer treatments and serious gastrointestinal diseases, and vaccines for certain bioterrorism agents. Soligenix's lead products include:
• orBec® (oral beclomethasone dipropionate), a potent, locally acting corticosteroid that has been initially developed for the treatment of gastrointestinal Graft-versus-Host disease (GI GVHD), a common and potentially life-threatening complication of hematopoietic cell transplantation.
• Proprietary formulations of oral BDP, in development for the prevention/treatment of gastrointestinal disorders characterized by severe inflammation, including pediatric Crohn's disease (SGX203) and acute radiation enteritis (SGX201), which is the subject of a recently completed National Cancer Institute (NYSE:NCI)-supported Phase 1/2 clinical trial
• RiVax™, a biodefense product in development which is designed to protect against the lethal effects of exposure to ricin toxin and VeloThrax™, a vaccine against anthrax exposure. RiVax™ has been shown to be well tolerated and immunogenic in a Phase 1 clinical trial in normal volunteers. Both RiVax™ and VeloThrax™ are currently the subject of a $9.4 million NIAID grant supporting development of new thermostable vaccine technology known as ThermoVax™. Soligenix is also developing
• OrbeShield™, an in-development product for the treatment of GI ARS and has demonstrated statistically significant preclinical survival results in a canine GI ARS model.
For further information regarding Soligenix, Inc., please visit the Company's website at soligenix.com
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