Soligenix, Inc. (OTCQB: SNGX) (Soligenix or the Company), a late-stage biopharmaceutical company developing products that address unmet medical needs in the areas of inflammation, oncology and biodefense, announced today that it has entered into a $10 million equity purchase agreement with accredited institutional investors, Kodiak Capital Group, LLC, Kingsbrook Opportunities Master Fund LP and River North Equity, LLC. Brean Capital, LLC served as financial advisor for this transaction.
Soligenix has agreed to file a registration statement with the U.S. Securities and Exchange Commission ("SEC") covering the resale of the shares of common stock that will be issued to the investors under the terms of the equity purchase agreement. Once the SEC has declared the registration statement effective, Soligenix will have the right, at its sole discretion, to sell up to $10 million worth of common stock under the terms set forth in the agreement. Proceeds from this transaction will be used to fund the company's ongoing development initiatives of its late-stage product candidates, including its pivotal Phase 3 clinical study of SGX301 (synthetic hypericin) in the treatment of cutaneous T-cell lymphoma (CTCL).
"We are very excited to receive this commitment for the capital infusion led by Kodiak Capital and look forward to having the participating funds as valued investors. The commitment serves as a vote of confidence in our ability to advance our late-stage clinical programs and increase shareholder value," stated Christopher J. Schaber, PhD, President and Chief Executive Officer of Soligenix.
Ryan Hodson, Managing Director of Kodiak Capital, said, "We have been following Soligenix through its development progress for some time and are very pleased to be making this investment. We are impressed with the Company's technologies and management's ability to execute on their development and regulatory strategies. We look forward to partnering with Soligenix as a long-term, fundamental investor."
SOURCE Soligenix, Inc.