Business
Soligenix Announces Recent Accomplishments And First Quarter 2023 Financial Results
PRINCETON, N.J., May 15, 2023 /PRNewswire/ -- Soligenix, Inc. (Nasdaq: SNGX) (Soligenix or the Company), a late-stage biopharmaceutical company focused on
About this update from Soligenix, Inc.
[{"type":"text","content":"PRINCETON, N.J., May 15, 2023 /PRNewswire/ -- Soligenix, Inc. (Nasdaq: SNGX) (Soligenix or the Company), a late-stage biopharmaceutical company focused on developing and commercializing products to treat rare diseases where there is an unmet medical need, announced today its recent accomplishments and financial results for the quarter ended March 31, 2023.\n\n \n \n \n \n \n \n\n \n\"We recently completed a public offering with gross proceeds of approximately $8.5 million, which will allow us to continue to move our rare disease pipeline forward,\" stated Christopher J. Schaber, PhD, President and Chief Executive Officer of Soligenix. \"Recently we announced positive clinical results from a compatibility study evaluating HyBryte™ (synthetic hypericin sodium) in the treatment of cutaneous T-cell lymphoma (CTCL). The purpose of the study was to establish that any light device capable of producing visible light of an appropriate and consistent wavelength (500 to 650 nm) was suitable for use with HyBryte™ and to extend the pharmacokinetic profile using a recently developed, more sensitive hypericin assay. Additionally, the United States (U.S.) Food and Drug Administration (FDA) has granted our Type A Meeting request to initiate formal discussions regarding the design of a second, confirmatory Phase 3 pivotal study evaluating HyBryte™ in the treatment of early stage CTCL, where it has successfully demonstrated statistically significant results in the first Phase 3 clinical trial. We also continue to evaluate synthetic hypericin (SGX302) in mild-to-moderate psoriasis where we anticipate the clinical study results in the second half of 2023.\"\nDr. Schaber continued, \"From a business strategy perspective, we recently announced two important additions. We entered into an exclusive option agreement with Silk Road Therapeutics, a privately-held company, pursuant to which we have the right to evaluate and acquire a novel topical formulation of Pentoxifylline (PTX), a non-biological anti-TNF-alpha inhibitor, for the treatment of mucocutaneous ulcers in patient's suffering from Behçet's Disease (BD). This has the potential to expand our already robust rare disease pipeline. We also added Timothy R. Coté, MD, to our Board of Directors. Dr. Coté comes with extensive regulatory and orphan drug development expertise, having served as the Direct...