Navigation Links
Soligenix Receives $574,000 in Non-Dilutive Financing from New Jersey's Technology Business Tax Certificate Transfer Program

PRINCETON, N.J., Jan. 26, 2012 /PRNewswire/ -- Soligenix, Inc. (OTC Bulletin Board: SNGX) (Soligenix or the Company), a development stage biopharmaceutical company, announced today that it has recently received approximately $574,000, net of transaction costs, in non-dilutive financing via the State of New Jersey's Technology Business Tax Certificate Transfer Program (the Program). 

This Program enables approved, unprofitable biotechnology businesses to sell their unused Net Operating Loss Carryovers (NOLs) and unused Research and Development (R&D) Tax Credits for at least 80% of the value of the tax benefits to unaffiliated, profitable corporate taxpayers in the State of New Jersey. This allows biotechnology businesses with NOLs to turn their tax losses and credits into cash proceeds to fund more R&D, buy equipment and/or facilities, or cover other allowable expenditures. The New Jersey Economic Development Authority (NJEDA) determines eligibility for the Program, the New Jersey Division of Taxation determines the value of the available tax benefits (NOLs and R&D Tax Credits), and the New Jersey Commission on Science and Technology evaluates the technology and its viability. The state of New Jersey was the originator of this Program and the first state to implement and fund it.

"As we are always looking for non-dilutive ways to fund our company, we are once again very pleased with NJEDA's decision to approve our application in this year's program," stated Christopher J. Schaber, PhD, President and CEO of Soligenix. "This NOL funding increases our cash position to about $6.2 million or roughly $0.028 cents per common share outstanding with no debt or preferred stock outstanding.  We expect this cash will last us until the third quarter of 2013. We are very thankful for New Jersey's continued support of its biotechnology industry."

About Soligenix, Inc.

Soligenix is a development stage biopharmaceutical company developing products to treat life-threatening side effects of cancer treatments and serious gastrointestinal diseases, and vaccines for certain bioterrorism agents. Soligenix's lead product, orBec® (oral beclomethasone dipropionate), is a potent, locally acting corticosteroid that has been initially developed for the treatment of acute gastrointestinal Graft-versus-Host disease (GI GVHD), a common and potentially life-threatening complication of hematopoietic cell transplantation. Soligenix is also conducting a National Cancer Institute (NCI)-supported Phase 1/2 clinical trial of SGX201 in the prevention of acute radiation enteritis. Additionally, Soligenix is developing SGX203 for the treatment of pediatric Crohn's disease.

Through its Biodefense Division, Soligenix is developing countermeasures pursuant to the Project BioShield Act of 2004. Soligenix's biodefense products in development are a recombinant subunit vaccine called RiVax™, which is designed to protect against the lethal effects of exposure to ricin toxin and SGX204, a vaccine against anthrax exposure. RiVax™ has been shown to be well tolerated and immunogenic in a Phase 1 clinical trial in normal volunteers. Both RiVax™ and SGX204 are currently the subject of a $9.4 million National Institute of Allergy and Infectious Disease (NIAID) grant supporting development of new heat stable vaccines. Soligenix is also developing SGX202 for the treatment of gastrointestinal acute radiation syndrome (GI ARS) and has demonstrated positive preliminary preclinical results in a canine GI ARS model.

For further information regarding Soligenix, Inc., please visit the Company's website at

This press release contains forward-looking statements that reflect Soligenix, Inc.'s current expectations about its future results, performance, prospects and opportunities. Statements that are not historical facts, such as "anticipate," "expect," "believe," "intend," or similar expressions, are forward-looking statements. These statements are subject to a number of risks, uncertainties and other factors that could cause actual events or results in future periods to differ materially from what is expressed in, or implied by, these statements. Soligenix cannot assure you that it will be able to successfully develop or commercialize products based on its technology, including orBec®, SGX201, SGX202, SGX203, SGX204, RiVax™, and LPM™, particularly in light of the significant uncertainty inherent in developing vaccines against bioterror threats, manufacturing and conducting preclinical and clinical trials of vaccines, and obtaining regulatory approvals, that its cash expenditures will not exceed projected levels, that product development and commercialization efforts will not be reduced or discontinued due to difficulties or delays in clinical trials or due to lack of progress or positive results from research and development efforts, that it will be able to successfully obtain any further grants and awards, maintain its existing grants which are subject to performance, enter into any biodefense procurement contracts with the US Government or other countries, that the US Congress may not pass any legislation that would provide additional funding for the Project BioShield program, that it will be able to patent, register or protect its technology from challenge and products from competition or maintain or expand its license agreements with its current licensors, or that its business strategy will be successful. Important factors which may affect the future use of orBec® for gastrointestinal GVHD include the Data Safety Monitoring Board's recent determination disclosed in our Form 8-K dated September 15, 2011 recommending that Soligenix stop its confirmatory Phase 3 clinical trial of orBec® in acute GI GVHD and the likelihood that: the FDA will  require that Soligenix conduct additional clinical trials to demonstrate the safety and efficacy of orBec® which will take a significant amount of time and money to complete and positive results leading to regulatory approval cannot be assumed; Soligenix is dependent on the expertise, effort, priorities and contractual obligations of third parties in the clinical trials, manufacturing, marketing, sales and distribution of its products; orBec® may not gain market acceptance if it is eventually approved by the FDA; and others may develop technologies or products superior to orBec®. Factors affecting the development and use of SGX201, SGX202, SGX203, SGX204, RiVax™ and LPM™ are similar to those affecting orBec®. These and other factors are described from time to time in filings with the Securities and Exchange Commission, including, but not limited to, Soligenix's reports on Forms 10-Q and 10-K. Unless required by law, Soligenix assumes no obligation to update or revise any forward-looking statements as a result of new information or future events.

SOURCE Soligenix, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Soligenix Initiates Next Generation Anthrax Vaccine Development Program Under Agreement With Harvard University
2. Soligenix Reports Third Quarter 2011 Financial Results
3. Soligenix Announces Formation of Pediatric Crohns Disease Medical Advisory Board
4. Soligenix Announces Results of Recent Data Safety Monitoring Board Review for Phase 3 orBec® Study in Acute GI GVHD
5. Soligenix Reports Second Quarter 2011 Financial Results and Reviews Accomplishments
6. Soligenix Announces Expansion of Partnership With Sigma-Tau Pharmaceuticals for orBec® in Europe
7. Soligenix Announces Appointment of Jerome Zeldis, MD, PhD and Keith Brownlie, CPA to its Board of Directors
8. Soligenix Appoints Joseph Warusz as Vice President of Administration and Controller
9. Soligenix to Present at 13th Annual BIO CEO & Investor Conference
10. Soligenix Appoints Kevin Horgan, MD, as Chief Medical Officer
11. Soligenix Executes Exclusive License with the University of Colorado for Vaccine Thermostabilization Technology
Post Your Comments:
(Date:11/30/2015)... MOUNTLAKE TERRACE, Wash. and ST. ... Cross and Express Scripts (NASDAQ: ESRX ) today ... benefit agreement. The partnership, which began in 1999, will ... --> --> After evaluating pharmacy ... process, Premera concluded that Express Scripts continues to offer ...
(Date:11/30/2015)... CHICAGO , Nov. 30, 2015   Nuance ... The National Decision Support Company (NDSC) today ... support and collaboration capabilities that utilize the American College ... and healthcare provider organizations to comply with current ... --> --> By combining clinical ...
(Date:11/30/2015)... , Nov. 30, 2015 Varian Medical Systems (NYSE: ... an educational partnership with Apollo Hospitals Group, the largest hospital chain ... will help train radiation technologists in the country. The MoU was ... Apollo Knowledge, and Ashok Kakkar , Varian,s India ... India , Varian intends to deploy its ...
Breaking Medicine Technology:
(Date:11/30/2015)... , ... November 30, 2015 , ... At Grand Dental ... and convenient setting. , When you have dental problems, you need to turn to ... can effectively diagnose and treat your needs, a friendly dentist who counsels you on ...
(Date:11/30/2015)... ... November 30, 2015 , ... Using a combination of two blood ... children and adults, according to a new study by researchers at the School of ... Children and Adults: Using Combinations of Blood Glucose Tests ,” published in Frontiers in ...
(Date:11/30/2015)... , ... November 30, 2015 , ... ... in general dentistry out of Glen Ridge, NJ. He has both advanced ... achieve optimal mastication. He is also an expert in cosmetic dentistry. He ...
(Date:11/30/2015)... (PRWEB) , ... November 30, 2015 , ... ... a new study by UPMC and KingMed Diagnostics researchers. ... three years found that consultation with UPMC pathologists resulted in significantly altered treatment ...
(Date:11/30/2015)... ... November 30, 2015 , ... ”Dying Words: The AIDS Reporting of ... December 1, 2015, to coincide with World AIDS Day. The multi-media project will be ... the AIDS epidemic as he was dying of the disease. , A collaborative effort ...
Breaking Medicine News(10 mins):