PRINCETON, N.J., Nov. 14, 2011 /PRNewswire/ -- Soligenix, Inc. (OTCBB: SNGX) (Soligenix or the Company), a development stage biopharmaceutical company, announced today its financial results for the third quarter of 2011.
Soligenix's revenues for the third quarter of 2011 were approximately $5,796,000 as compared to $861,000 for the third quarter of 2010. The increase in revenues was a result of a $5 million license fee from Sigma-Tau Pharmaceuticals, Inc. (Sigma-Tau) in connection with the expansion of its existing North American commercialization rights to orBec® and oral BDP into the European Territory (the Sigma-Tau Agreement).
Soligenix's net income for the third quarter of 2011 was approximately $2,205,000, or $0.01 per share, as compared to a (loss) of ($1,734,000), or $(0.01) per share for the third quarter of 2010. Recognition of income for the current quarter is attributable to the Sigma-Tau Agreement offset by R&D costs in connection with the conduct of the confirmatory Phase 3 clinical trial of orBec® in acute gastrointestinal Graft-versus-Host disease (GI GVHD).
Research and development expenses for the third quarter of 2011 were approximately $2,342,000 as compared to $1,277,000 for the third quarter of 2010. This increase is primarily attributable to payment of approximately $1,000,000 in the form of cash and company stock to our orBec® licensor in connection with the Sigma-Tau Agreement. General and administrative expenses for the third quarter of 2011 were approximately $595,000, compared to approximately $543,000 for the third quarter of 2010.
As of September 30, 2011, the Company's cash position was approximately $7,218,000 with working capital of approximately $6,257,000.
Christopher J. Schaber, PhD, President and Chief Executive Officer of Soligenix stated, "The third quarter saw the unfortunate stoppage of our confirmatory Phase 3 trial of orBec® in acute GI GVHD at th
|SOURCE Soligenix, Inc.|
Copyright©2010 PR Newswire.
All rights reserved