PRINCETON, N.J., March 27, 2012 /PRNewswire/ -- Soligenix, Inc. (OTCBB: SNGX) (Soligenix or the Company), a development stage biopharmaceutical company, announced today its financial results for the year ended December 31, 2011.
Soligenix's revenues for the year ended December 31, 2011 were $7.7 million as compared to $1.9 million for the prior year. The increase in revenues was a result of a $5.0 million non-refundable license fee from Sigma-Tau Pharmaceuticals, Inc. (Sigma-Tau) in connection with the expansion of Soligenix's existing North American commercialization rights to orBec® and oral beclomethasone dipropionate (oral BDP) into the European Territory (the Sigma-Tau Agreement).
Soligenix's net loss for the year ended December 31, 2011 was $2.4 million, or $(0.22) per share, as compared to $7.4 million, or $(0.73) per share for the year ended December 31, 2010, representing a decreased loss of $5.0 million. This decreased loss is primarily attributable to the Sigma-Tau Agreement license fee received in the third quarter of 2011.
Research and development expenses for the full year 2011 were $6.3 million as compared to $6.0 million for the full year 2010. This increase is primarily attributable to payment of approximately $1.0 million in the form of cash and company stock to our orBec® licensor in connection with the Sigma-Tau Agreement offset by reduced spending resulting from the stoppage of our Phase 3 clinical trial of orBec® in the treatment of acute gastrointestinal Graft-versus Host disease (GI GVHD). General and administrative expenses for the full year 2011 were $2.2 million, compared to $2.2 for the full year 2010.
As of December 31, 2011, the Company's cash position was $6.0 million with working capital of $5.7 million.
Christopher J. Schaber, PhD, President and Chief Executive Officer of Soligenix stated, "In 2011 we saw the unfortunate stoppage of our Phase 3 trial of orBec® i
|SOURCE Soligenix, Inc.|
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