PRINCETON, N.J., May 13, 2011 /PRNewswire/ -- Soligenix, Inc. (OTCBB: SNGX) (Soligenix or the Company), a late-stage biopharmaceutical company, announced today its financial results for the first quarter of 2011.
Soligenix's revenues for the first quarter of 2011 were approximately $808,000 as compared to $336,000 for the first quarter of 2010. The increased revenues were primarily a result of increases in National Institutes of Health (NIH) grant revenues as the Company increased research efforts under its thermostable vaccine development program and under its FDA Orphan Products grant for the confirmatory Phase 3 clinical trial of orBec® in acute gastrointestinal Graft-versus-Host disease (GI GVHD).
Soligenix's net loss for the first quarter of 2011 was approximately $1,720,000, or $(0.01) per share, as compared to $2,136,000, or $(0.01) per share for the first quarter of 2010.
Research and development expenses for the first quarter of 2011 were approximately $1,256,000, compared to $1,598,000 for the first quarter of 2010. General and administrative expenses for the first quarter of 2011 were approximately $564,000, compared to approximately $538,000 for the first quarter of 2010.
"While the first quarter of 2011 was quite eventful for us, our primary focus continues to be the conduct of our confirmatory Phase 3 orBec® clinical trial," stated Christopher J. Schaber, PhD, President and Chief Executive Officer of Soligenix. "We remain committed to our goal of having orBec® become the first FDA-approved therapy to treat GI GVHD, an area of unmet medical need associated with high morbidity and mortality rates. On the biodefense and vaccine side of our business, we received Orphan Drug designation for RiVax™ and also executed a license on new technology that will potentially enable us to develop vaccines that are stable at elevated temperatures. We also achieved positive results of SGX202 in a canine model of rad
|SOURCE Soligenix, Inc.|
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