PRINCETON, N.J., Aug. 12, 2011 /PRNewswire/ -- Soligenix, Inc. (OTCBB: SNGX) (Soligenix or the Company), a late-stage biopharmaceutical company, announced today its financial results for the second quarter of 2011.
Soligenix’s revenues for the second quarter of 2011 were approximately $406,000 as compared to $445,000 for the second quarter of 2010. The slight decrease in revenues was primarily a result of completion in April 2011 of the initial year of its FDA Orphan Products grant for the confirmatory Phase 3 clinical trial of orBec® in acute gastrointestinal Graft-versus-Host disease (GI GVHD).
Soligenix’s net loss for the second quarter of 2011 was approximately $1,931,000, or $(0.01) per share, as compared to $1,577,000, or $(0.01) per share for the second quarter of 2010. This higher net loss was related to increased R&D costs in connection with the conduct of the confirmatory Phase 3 clinical trial of orBec® in GI GVHD.
Research and development expenses for the second quarter of 2011 were approximately $1,307,000, as compared to $1,071,000 for the second quarter of 2010. General and administrative expenses for the second quarter of 2011 were approximately $450,000, compared to approximately $545,000 for the second quarter of 2010.
As of June 30, 2011, the Company’s cash position was approximately $4,157,000 with working capital of $3,166,000, which increased on July 28, 2011 when the Company expanded its partnership with Sigma-Tau Pharmaceuticals, Inc. (Sigma-Tau) in Europe and received an up-front payment of $5,000,000.
“The summer of 2011 has been eventful for us,” stated Christopher J. Schaber, PhD, President and Chief Executive Officer of Soligenix. “The expanded partnership with Sigma-Tau into Europe brought $5 million in non-dilutive financing into the Company and also establishes a mechanism to effectively launch and market orBec® in the second major w
|SOURCE Soligenix, Inc.|
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