Soligenix, Inc. (OTCBB: SNGX) (Soligenix or the Company), a development stage biopharmaceutical company, announced today its financial results for the quarter ending March 31, 2012.
Soligenix's revenues for the quarter ending March 31, 2012 were $647,418 as compared to $808,005 for the first quarter of 2011. The decrease in revenues was related to a reduction in reimbursable costs from the Company's Orphan Drug Grant covering a portion of its confirmatory Phase 3 clinical trial of orBec® in the treatment of acute gastrointestinal Graft-versus-Host disease (GI GVHD).
Soligenix's net loss for the quarter ending March 31, 2012 was $1,438,755, or $(0.13) per share, as compared to $1,720,411, or $(0.16) per share for the quarter ending March 31, 2011, representing a decreased loss of $281,656. This decrease is primarily attributable to reduced spending resulting from the stoppage of the Phase 3 clinical trial of orBec® in acute GI GVHD. This study was stopped in September 2011 and the Company has continued to incur minor costs associated with the close out of the clinical sites, data collection and analysis.
Research and development expenses for the quarter ending March 31, 2012 were $876,794 as compared to $1,372,804 for the quarter ending March 31, 2011. This decrease is primarily attributable to reduced spending in connection with the Phase 3 clinical trial of orBec®. General and administrative expenses for the quarter ending March 31, 2012 were $655,043, compared to $604,010 for the quarter ending March 31, 2011.
As of March 31, 2012, the Company's cash position was approximately $5,320,000 with working capital of approximately $4,440,000.
Christopher J. Schaber, PhD, President and Chief Executive Officer of Soligenix stated, "In the first quarter of 2012 we saw meaningful progress in our Vaccine/BioDefense business segment particularly with our novel vaccine thermostabilization technology, ThermoVax™. We also continue to progress with development efforts of our oral BDP program for pediatric Crohn's disease and plan to initiate a Phase 2A clinical trial this year. We remain committed to enhancing our product development pipeline through internal efforts and external strategic alliances. We look forward to reporting on further progress this year regarding our Vaccine/BioDefense programs."
Soligenix's Recent Highlight:
On April 25, 2012, the Company announced further progress in the development of ThermoVax™. Prior results had indicated that the Company's aluminum-adjuvanted ricin toxin vaccine, known as RiVax™, retained effectiveness and potency while stored at 40 degrees Celsius for one month combined with the ThermoVax™ technology. Confirmatory results have now extended these initial observations to more than three months when the vaccine is kept at 40 degrees Celsius. ThermoVax™ is able to produce stable and potent vaccine formulations by combining precise lyophilization technology with conventional aluminum adjuvants, secondary adjuvants (for rapid onset of immunity), and protein subunits.
SOURCE Soligenix, Inc.