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 the National Institute of Allergy and Infectious Diseases (NIAID) has exercised its option to advance the development of Soligenix's heat stabilized ricin toxin vaccine, RiVax™. The overall objectives of the contract are to advance the development of Soligenix's thermostabilization technology, ThermoVax™, combined with the company's ricin toxin vaccine, RiVax™, as a medical countermeasure to prevent the effects of ricin exposure.
The exercised option for contract #HHSN272201400039C will provide Soligenix with an additional $2.7 million in funding. If all contract options are exercised, the total award of up to $24.7 million will support the preclinical, manufacturing and clinical development activities necessary to advance heat stable RiVax™ with the US Food and Drug Administration (FDA).
"The execution of the first option reflects NIAID's ongoing commitment to develop viable thermostabilization technologies that can be applied to vaccines that provide for enhanced stability and the ability to avoid the burdensome logistics of cold chain distribution," stated Christopher J. Schaber, PhD, President and Chief Executive Officer of Soligenix. "It also highlights the government's commitment to identification and development of countermeasures to protect both the public and, more likely, first responders, in the event of ricin exposure. We thank NIAID for its past and present support and look forward to working with the agency as we advance RiVax™ development toward potential FDA licensure and procurement for the national stockpile."