PRINCETON, N.J., Feb. 26, 2013 /PRNewswire/ -- Soligenix, Inc. (OTCQB: SNGX) (Soligenix or the Company), a development stage biopharmaceutical company, announced today its financial results for the year ended December 31, 2012.
Soligenix's revenues for the year ended December 31, 2012 were $3.1 million as compared to $7.6 million for the prior year. The decrease in revenues was a result of $5.0 million received in 2011 from Sigma-Tau Pharmaceuticals, Inc. (Sigma-Tau) for rights to orBec® (oral beclomethasone 17,21-dipropionate or BDP) in the European territory. Grant revenue increased by $0.5 million primarily related to increased reimbursable costs from the Company's four active government funded programs most notably our ThermoVax™ thermostability technology grant focused on a novel method of rendering aluminum salt adjuvanted vaccines stable at elevated temperatures.
Soligenix's net (loss) for December 31, 2012 was $4.2 million, or $(0.37) per share, as compared to $2.4 million, or $(0.22) per share, for the year ended December 31, 2011, representing an increased loss of $1.8 million. This increased loss is primarily related to the receipt of $5.0 million from Sigma-Tau in 2011 for the rights to orBec® in the European territory offset by decreased expenses in research and development related to the conduct of our Phase 3 trial of orBec® in the treatment of acute gastrointestinal Graft versus Host disease (GI GVHD).
Research and development expenses for the full year 2012 were $2.6 million as compared to $6.3 million for the full year 2011. This significant decrease is primarily attributable to the discontinued Phase 3 trial of orBec® and the 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. General and administra
|SOURCE Soligenix, Inc.|
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