PRINCETON, N.J., March 29, 2011 /PRNewswire/ -- Soligenix, Inc. (OTC Bulletin Board: SNGX) (Soligenix or the Company), a late-stage biopharmaceutical company, announced today its financial results for the year ended December 31, 2010.
Soligenix's revenues for the year ended December 31, 2010 were $1,947,628 as compared to $2,816,037 for the prior year, representing a decrease of $868,409, or 31%. During 2009, Soligenix received a $1 million milestone payment from Sigma-Tau Pharmaceuticals, Inc., the Company's collaborative partner on the orBec® Phase 3 clinical trial in the treatment of acute gastrointestinal Graft-versus-Host disease (GI GVHD), which did not reoccur in 2010.
Soligenix's net loss for the year ended December 31, 2010 was $7,386,579 as compared to a net loss of $6,034,453 for the prior year, representing an increase of $1,352,126, or 22%. This increase is primarily attributed to increased spending of $1,160,934 in research and development related to conducting the Phase 3 orBec® study.
Research and development expenses for the year ended December 31, 2010 were $5,684,309, compared to $4,523,375 for the prior year. For the year ended December 31, 21010, there was also a decrease in general and administrative expenses of $349,458, which reflects decreases in compensation associated with severance, benefits and board fees in 2010.
"We expect 2011 to be a pivotal year for us," stated Christopher J. Schaber, PhD, President and Chief Executive Officer of Soligenix. "We are looking forward to completing our confirmatory Phase 3 clinical trial of orBec® in the treatment of acute GI GVHD. We remain committed to our goal of having orBec® become the first FDA-approved therapy to treat this life-threatening condition which is an area of unmet medical need associated high morbidity rates."
Soligenix's Recent H
|SOURCE Soligenix, Inc.|
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