PRINCETON, N.J., Aug. 10, 2012 /PRNewswire/ -- Soligenix, Inc. (OTCBB: SNGX) (Soligenix or the Company), a development stage biopharmaceutical company, announced today its financial results for the second quarter ending June 30, 2012.
Soligenix's revenues for the quarter ending June 30, 2012 were $762,851 as compared to $405,820 for the second quarter of 2011. The increase in revenues was related to increased reimbursable costs from the Company's ThermoVax™, Thermostability Technology Grant focused on a novel method of rendering aluminum salt adjuvanted vaccines stable at elevated temperatures.
Soligenix's net loss for the quarter ending June 30, 2012 was $979,878 or $(0.09) per share, as compared to $1,931,317 or $(0.18) per share for the quarter ending June 30, 2011, representing a decreased loss of $951,143. This decrease is attributable to increased gross profit related to the ThermoVax™ grant and reduced spending resulting from termination of the Phase 3 clinical trial of orBec® in acute GI GVHD.
Research and development expenses for the quarter ending June 30, 2012 were $500,980 as compared to $1,513,722 for the quarter ending June 30, 2011. This decrease of $1,012,742 is primarily attributable to reduced spending in connection with the Phase 3 clinical trial of orBec®. General and administrative expenses for the quarter ending June 30, 2012 were $627,218, compared to $475,377 for the quarter ending June 30, 2011. This increase of $151,841 is primarily attributable to a greater share of allocated salaries to general and administrative due to decreased research and development programs.
As of June 30, 2012, the Company's cash position was approximately $4,430,000 with working capital of approximately $3,630,000.
Christopher J. Schaber, PhD, President and Chief Executive Officer of Soligenix stated, "In the second quarter of 2012 we continued progre
|SOURCE Soligenix, Inc.|
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