Soligenix, Inc. (OTC Bulletin Board: SNGX) (Soligenix or the Company), a late-stage biopharmaceutical company, today announced its financial results for 2009.
Soligenix's revenues for the year ended December 31, 2009 were $2,816,037 as compared to $2,310,265 for the prior year, representing an increase of $505,772, or 22%. During 2009, Soligenix received a $1 million clinical milestone payment from Sigma-Tau Pharmaceuticals, Inc. (Sigma-Tau), the Company's collaborative partner on the orBec® Phase 3 clinical trial in the treatment of acute gastrointestinal Graft-versus-Host disease (GI GVHD). The increase in revenues generated by this one-time milestone payment was offset by decreases in grant revenues from the National Institutes of Health (NIH) as the Company reached the end of its earlier NIH grants before the work under newer grants had commenced.
Soligenix's net loss for the year ended December 31, 2009 was $6,034,453 as compared to a net loss of $3,422,027 for the prior year, representing an increase of $2,612,426, or 76%. This increase is primarily attributed to increased spending of $2,971,052 in research and development related to the preparation for and conduct of the Phase 3 orBec® study. For the year ended December 31, 2009, there was also an increase in general and administrative expenses of $339,532, which reflects staffing and other corporate costs in 2009.
"In 2009, we saw important advances for Soligenix," stated Christopher J. Schaber, Ph.D., President and CEO of Soligenix. "Beginning with our partnership with Sigma-Tau in North America and the initiation of our confirmatory Phase 3 clinical trial of orBec® in the treatment of acute GI GVHD, we have demonstrated orBec®'s ability to draw partnerships and attract significant funding. orBec® is now poised to potentially be the first FDA-approved therapy for this unmet medical need. Additionally, we achieved significant non-dilutive financing for our RiVax™ program in biodefense through our receipt of a $9.4 million NIH grant. We are optimistic that we will be able to continue the growth that we achieved in all facets of Soligenix and maintain that positive momentum in 2010."
Soligenix's 2009 Highlights: