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Soligenix Reports First Quarter 2012 Financial Results and Highlights Recent Accomplishments
Date:5/14/2012

PRINCETON, N.J., May 14, 2012 /PRNewswire/ -- Soligenix, Inc. (OTCBB: SNGX) (Soligenix or the Company), a development stage biopharmaceutical company, announced today its financial results for the quarter ending March 31, 2012.

Soligenix's revenues for the quarter ending March 31, 2012 were $647,418 as compared to $808,005 for the first quarter of 2011. The decrease in revenues was related to a reduction in reimbursable costs from the Company's Orphan Drug Grant covering a portion of its confirmatory Phase 3 clinical trial of orBec® in the treatment of acute gastrointestinal Graft-versus-Host disease (GI GVHD).

Soligenix's net loss for the quarter ending March 31, 2012 was $1,438,755, or $(0.13) per share, as compared to $1,720,411, or $(0.16) per share for the quarter ending March 31, 2011, representing a decreased loss of $281,656. This decrease is primarily attributable to reduced spending resulting from the stoppage of the Phase 3 clinical trial of orBec® in acute GI GVHD.  This study was stopped in September 2011 and the Company has continued to incur minor costs associated with the close out of the clinical sites, data collection and analysis.

Research and development expenses for the quarter ending March 31, 2012 were $876,794 as compared to $1,372,804 for the quarter ending March 31, 2011. This decrease is primarily attributable to reduced spending in connection with the Phase 3 clinical trial of orBec®. General and administrative expenses for the quarter ending March 31, 2012 were $655,043, compared to $604,010 for the quarter ending March 31, 2011.

As of March 31, 2012, the Company's cash position was approximately $5,320,000 with working capital of approximately $4,440,000.   

Christopher J. Schaber, PhD, President and Chief Executive Officer of Soligenix stated, "In the first quarter of 2012 we saw meaningful progress in our Vaccine/BioDefense business segment particularly with our
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SOURCE Soligenix, Inc.
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