Soligenix first-quarter revenues decrease to $336,000

Soligenix, Inc.May 17 2010

Soligenix, Inc. (OTC Bulletin Board: SNGX) (Soligenix or the Company), a late-stage biopharmaceutical company, announced today its financial results for the first quarter of 2010.

Soligenix's revenues for the first quarter of 2010 were approximately $336,000 as compared to $530,000 for the first quarter of 2009. The decreased revenues were primarily a result of decreases in National Institutes of Health (NIH) grant revenues as the Company reached the end of its earlier NIH grants before the work under its newer grants had commenced.

Soligenix's net loss for the first quarter of 2010 was approximately $2,136,000, or $(0.01) per share, as compared to $2,145,000, or $(0.01) per share, for the first quarter of 2009.

Research and development expenses for the first quarter of 2010 were approximately $1,598,000, compared to $1,591,000 for the first quarter of 2009. General and administrative expenses for the first quarter of 2010 were approximately $538,000, compared to $532,000 for the first quarter of 2009.

"Soligenix continues to make strong progress towards its goal of regulatory approval of orBec® in various forms of Graft-versus-Host disease (GVHD)," stated Christopher J. Schaber, PhD, President and Chief Executive Officer of Soligenix.  "We are looking forward to announcing data from our Phase 2 clinical trial of orBec® in the prevention of acute GVHD in the second half of this year.  We are also currently enrolling patients in our confirmatory Phase 3 clinical trial of orBec® in the treatment of acute gastrointestinal GVHD, which is targeted to complete in the first half of next year.  orBec® is poised to potentially be the first FDA-approved therapy for this unmet medical need. We are optimistic that we will be able to continue our positive momentum and growth into 2011."

Soligenix's 2010 Highlights:  

• On May 12, 2010, Soligenix announced that patient enrollment was completed in a randomized, double-blind, placebo-controlled Phase 2 clinical trial of orBec® for the prevention of acute Graft-versus-Host disease after allogeneic hematopoietic cell transplantation (HCT) with myeloablative conditioning regimens.  The study is being supported, in large part, by an NIH grant.
• On May 10, 2010, Soligenix announced that the European Patent Office granted patent EP 1392321 "Method of Treating Inflammatory Disorders of the Gastrointestinal Tract using Topically Active Corticosteroids."  The new patent's main claims cover the use of topically active corticosteroids in orally administered dosage forms that act concurrently in the upper and lower gastrointestinal tract.
• On February 17, 2010, Soligenix announced that it received a Hong Kong patent that addresses its Lipid Polymer Micelle (LPM™) technology for the improved oral delivery of drugs. The issued Hong Kong patent, HK 1071054, entitled "Stabilized Reverse Micelle Compositions and Uses Thereof," covers lipid structures (reverse micelles) that promote the intestinal absorption of peptides and other sensitive drugs that cannot otherwise be given orally.
• On February 2, 2010, Soligenix announced the publication of an article in the February 2010 edition of Vaccine, which describes preclinical formulations of RiVax™, its ricin toxin vaccine, with heightened stability.