PRINCETON, N.J., June 21, 2013 /PRNewswire/ -- Soligenix, Inc. (OTCQB: SNGX) ("Soligenix" or the "Company"), a clinical stage biopharmaceutical company focused on developing products to treat inflammatory diseases and biodefense countermeasures where there remains an unmet medical need, announced today the pricing of a registered public offering of shares of common stock and warrants to purchase common stock.
In connection with the public offering, the Company has entered into definitive agreements with institutional investors and certain members of the Company's management and Board of Directors to sell approximately $7.0 million of the Company's securities, consisting of an aggregate of approximately 6.6 million shares of common stock at a price per share of $1.05 and 5-year warrants to purchase up to approximately 5.0 million shares of common stock with an exercise price of $1.65 per share.
Institutional investors in the offering include, among others, an affiliated fund of Third Security, LLC ("Third Security"), a venture capital firm founded by R.J. Kirk. In connection with Third Security's investment in the Company, the Company intends to appoint a Third Security designee to the Board of Soligenix.
The Company plans to use the net proceeds from the offering to further develop its product candidates and for general working capital purposes.
Soligenix's two lead product candidates include a proprietary formulation of oral BDP (beclomethasone 17,21-dipropionate) for pediatric Crohn's disease (SGX203), which is currently in a Phase 1 clinical trial, and a novel innate defense regulator (IDR) technology for the treatment of oral Mucositis (SGX942) for which the Company plans to initiate a Phase 2 clinical trial in the second half of 2013.
Maxim Group LLC served as placement agent for the offering.
The securities described above were offered
|SOURCE Soligenix, Inc.|
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