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Soligenix Announces Private Equity Financing of $5.16 Million With Its Partner Sigma-Tau and Other Institutional Investors
Date:6/16/2010

PRINCETON, N.J., June 16 /PRNewswire-FirstCall/ -- Soligenix, Inc. (OTC Bulletin Board: SNGX) (Soligenix or the Company), a late-stage biopharmaceutical company, announced today that it has entered into common stock purchase agreements with both existing and new investors totaling approximately $5.16 million. Soligenix's North American commercial partner, Sigma-Tau Pharmaceuticals, Inc., participated in this financing.

Upon closing of the private placement, Soligenix will issue approximately 25,178,180 shares of common stock and warrants to purchase up to approximately 15,106,910 shares of Soligenix common stock for an aggregate price of approximately $5.16 million. The expiration date of the warrants will be accelerated if the Company's common stock meets certain price thresholds and Soligenix would receive additional gross proceeds of approximately $4.23 million if all are exercised. National Securities Corporation and Griffin Securities, Inc. served as co-placement agents on the financing.

"We are pleased with this vote of confidence and continued support from our partner Sigma-Tau and the institutional investors in what are obviously challenging market conditions," stated Christopher J. Schaber, PhD, President and Chief Executive Officer of Soligenix. "With a strengthened balance sheet, our top priority remains the completion of our confirmatory Phase 3 trial of orBec® in the treatment of acute GI GVHD, an important unmet medical need."

The Company's common stock will be sold to accredited investors in a private placement in reliance on an exemption from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). The shares will
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SOURCE Soligenix, Inc.
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