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Soligenix Reports First Quarter 2013 Financial Results and Highlights Recent Accomplishments
Date:5/3/2013

PRINCETON, N.J., May 3, 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 its financial results for the quarter ended March 31, 2013.

Soligenix's revenues for the quarter ended March 31, 2013 were $0.9 million as compared to $0.6 million for the first quarter of 2012. Revenues increased by $0.3 million related to reimbursable costs from the Company's four active government funded programs most notably its ThermoVax™ thermostability technology grant focused on a novel method of rendering aluminum salt adjuvanted vaccines stable at elevated temperatures. 

Soligenix's net (loss) for March 31, 2013 was $1.1 million, or $(0.10) per share, as compared to $1.4 million, or $(0.13) per share, for the first quarter ended March 31, 2012, representing a decreased loss of $0.3 million. The decreased loss is primarily related to increased government funded grant activity and an overall reduction in operating expenses. 

Research and development expenses for the quarter ended March 31, 2013 were $0.8 million as compared to $0.9 million for the same period in 2012.  General and administrative expenses for the quarter ended March 31, 2013 were $0.5 million, compared to $0.7 million for the same period in 2012. Overall operating decreased by $0.3 million primarily due to the Company's continued efforts to manage expenses.

As of March 31, 2013, the Company's cash position was $2.6 million.

Christopher J. Schaber , PhD, President and Chief Executive Officer of Soligenix stated, "We continue to make steady progress in both our BioTherapeutics and Vaccine/BioDefense business segments.  We have expanded our product pipeline through a worldwide excl
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SOURCE Soligenix, Inc.
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