Soligenix’s net loss for second-quarter 2010 decreases to $1,577,000

Soligenix, Inc.Aug 13 2010

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

Soligenix’s revenues for the second quarter of 2010 were approximately $445,000 as compared to $332,000 for the second quarter of 2009. The increased revenues were primarily a result of increases in National Institutes of Health (NIH) grant revenues as the Company increased research efforts under its thermostable vaccine development program.

Soligenix’s net loss for the second quarter of 2010 was approximately $1,577,000, or $(0.01) per share, as compared to $1,785,000, or $(0.01) per share, for the second quarter of 2009.

Research and development expenses for the second quarter of 2010 were approximately $1,071,000, compared to $1,135,000 for the second quarter of 2009. General and administrative expenses for the second quarter of 2010 were approximately $545,000, compared to $579,000 for the second quarter of 2009.

“Soligenix is in a strong financial position having ended the second quarter with approximately $10.8 million in cash,” 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 Graft-versus-Host disease (GVHD) in the second half of 2010.  This trial has enrolled 140 patients.  Our goal is to have orBec® become the first FDA-approved therapy to treat and prevent GVHD, both of which are currently areas of unmet medical need.”

Soligenix’s Second Quarter 2010 Highlights:  

• On June 25, 2010, Soligenix announced the publication of an article in the June 2010 edition of Vaccine, which describes protection from mucosal and systemic ricin intoxication by intradermal administration of RiVax™, the Company’s vaccine against ricin toxin.
• On June 18, 2010, Soligenix closed on a private financing totaling $5.9 million (before expenses of the offering) with accredited investors, including members of the Company’s Board of Directors and its North American commercialization partner Sigma-Tau Pharmaceuticals, Inc., its largest stockholder.
• On June 3, 2010, Soligenix announced that the European Patent Office granted patent EP 1830857 "Method of Treatment of Graft-versus-Host Disease and Leukemia with Beclomethasone Diproprionate and Prednisone." The patent claims beclomethasone dipropionate (BDP) in conjunction with a short duration of high-dose prednisone with a rapid taper for the reduction of mortality associated with GVHD and leukemia.
• On May 19, 2010, Soligenix announced that the United States Patent Office issued patent US 7,704,985 "Treatment of Irritable Bowel Syndrome and Related Bowel Diseases." The patent claims the use of BDP to treat irritable bowel syndrome (IBS), a painful gastrointestinal condition that affects approximately 15% of the population in the industrialized world.
• 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 GVHD after allogeneic hematopoietic cell transplantation with myeloablative conditioning regimens.
• 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.