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Market: OTC
Sector: Pharmaceuticals
EPIC: SNGX
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Soligenix
www.soligenix.com

Soligenix, Inc. is a late-stage research and development biopharmaceutical company focused on developing products to treat the life-threatening side effects of cancer treatment and serious gastrointestinal diseases where there remains an unmet medical need, as well as developing biodefense vaccines and therapeutics.

 


Full Soligenix profile here
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Soligenix gets $574,000 in non-dilutive financing

26th Jan 2012, 3:47 pm by Brad Lemaire
Soligenix gets $574,000 in non-dilutive financing

Soligenix (OTC:SNGX) has received $574,000 in funding in a non-dilutive financing through the State of New Jersey's technology business tax certificate transfer program, the company said Thursday.

Soligenix is a development stage biopharmaceutical company focused on making products to treat cancer treatment side-effects and gastrointestinal diseases.

The funds boost the company’s cash position to $6.2 million, or $0.028 per share, with no debt or preferred stock outstanding.

Soligenix expects the cash to last until the third-quarter of 2013, it said.

The technology business tax certificate transfer program allows approved and unprofitable biotech companies to sell their unused net operating loss carryovers (NOLs) in addition to unused research and development tax credits for at least 80 percent of the value of the tax benefits to "unaffiliated" profitable corporate taxpayers in the State of New Jersey.

This allows biotech businesses to turn their tax losses and credits into cash proceeds to fund additional research and development, buy equipment or facilities, or cover other allowable expenses, Soligenix said in a statement.

The state of New Jersey created the program and is the first to implement and fund it. Eligibility for the program is determined by the New Jersey Economic Development Authority (NJEDA) while the technology and its viability are evaluated by the New Jersey Commission on Science and Technology.

The value of the available tax benefits is determined by the the New Jersey Division of Taxation.

"As we are always looking for non-dilutive ways to fund our company, we are once again very pleased with NJEDA's decision to approve our application in this year's program,” chief executive Christopher J Schaber said in a statement.

The company’s lead product orBec has been initially developed to treat acute gastrointestinal graft versus host disease.
Soligenix is also in phase 1 and 2 trials for SGX201, designed to prevent acute radiation enteritis.

Through its biodefence division, Soligenix is developing countermeasures under the Project BioShield Act of 2004. Its products include a vaccine called RiVax, which is designed to protect against the lethal effects and exposure of the ricin toxin, as well as SGX204, a vaccine to fight against anthrax exposure.

Ricin is a highly toxic naturally occurring protein found in the castor oil plant, or bean. Phase 1 trials for RiVax have shown that the vaccine is well tolerated and includes antibodies in humans to neutralize the ricin toxin.

Currently, both RiVax and SGX204 are subject to a $9.4 million National Institute of Allergy and Infectious Disease grant supporting the development of new heat-stable vaccines.

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