PRINCETON, N.J., Nov. 14, 2012 /PRNewswire/ -- Soligenix, Inc. (OTCQB: SNGX) (Soligenix or the Company), a development stage biopharmaceutical company, announced today its financial results for the third quarter ended September 30, 2012.
Soligenix's revenues for the quarter ended September 30, 2012 were $931,627 as compared to $5,795,862 for the third quarter of 2011. Revenues for the third quarter of 2011 included grant revenues of $795,862 and license revenue of $5,000,000 from Sigma-Tau Pharmaceuticals, Inc. (Sigma-Tau) for rights to orBec® (oral beclomethasone 17,21-dipropionate or BDP) in the European territory. Grant revenue increased by $135,765 and was primarily 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 ended September 30, 2012 was $758,966 or $(0.07) per share, as compared to a net income of $2,204,874 or $0.20 per share for the quarter ended September 30, 2011, representing an increased loss of $2,963,840. The increased loss is primarily related to the execution of the license with Sigma-Tau for rights to the European territory in the third quarter of 2011.
Research and development expenses for the quarter ended September 30, 2012 were $371,338 as compared to $2,342,253 for the quarter ended September 30, 2011. The significant decrease of $1,970,915 is attributable to payment of approximately $1,000,000 in the form of cash and company stock in connection with the Sigma-Tau European territory license agreement and decreased spending associated with the discontinuation of the confirmatory Phase 3 clinical trial of orBec® for the treatment of acute gastrointestinal Graft-versus-Host disease (GI GVHD). General and administrative expenses for the qu
|SOURCE Soligenix, Inc.|
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