PRINCETON, N.J., April 15, 2019 /PRNewswire/ -- Soligenix,
Inc. (Nasdaq: SNGX) (Soligenix or the Company), a late-stage
biopharmaceutical company focused on developing and commercializing
products to treat rare diseases where there is an unmet medical
need, announced today that it has received approximately
$611,000, net of transaction costs,
in non-dilutive financing via the state of New Jersey's Technology Business Tax
Certificate Transfer Program.
This competitive program enables approved technology and
biotechnology businesses to sell their unused Net Operating Loss
(NOL) Carryovers and unused Research and Development (R&D) Tax
Credits to unaffiliated, profitable corporate taxpayers in the
state of New Jersey. This allows
businesses with NOLs to turn their tax losses and credits into cash
proceeds to fund additional R&D, purchase equipment and/or
facilities, or cover other allowable expenditures. The New Jersey
Economic Development Authority's (NJEDA) determines eligibility for
the program, the New Jersey Division of Taxation determines the
value of the available tax benefits (NOLs and R&D Tax Credits),
and the New Jersey Commission on
Science and Technology evaluates the technology and its viability.
The state of New Jersey was the
originator of this Program and the first state to implement and
fund it.
"Receipt of this non-dilutive funding is a welcomed addition to
our non-dilutive government grant and contract funding," stated
Christopher J. Schaber, PhD,
President and Chief Executive Officer of Soligenix. "This is
our ninth year receiving NOL funding, which now totals
approximately $5 million. We
are, again, very thankful for NJEDA's continued support of its
biotechnology industry."
About Soligenix, Inc.
Soligenix is a late-stage biopharmaceutical company focused on
developing and commercializing products to treat rare diseases
where there is an unmet medical need. Our BioTherapeutics business
segment is developing SGX301 as a novel photodynamic therapy
utilizing safe visible light for the treatment of cutaneous T-cell
lymphoma, our first-in-class innate defense regulator (IDR)
technology, dusquetide (SGX942) for the treatment of oral mucositis
in head and neck cancer, and proprietary formulations of oral
beclomethasone 17,21-dipropionate (BDP) for the
prevention/treatment of gastrointestinal (GI) disorders
characterized by severe inflammation including pediatric Crohn's
disease (SGX203) and acute radiation enteritis (SGX201).
Our Vaccines/BioDefense business segment includes active
development programs for RiVax®, our ricin toxin vaccine
candidate and SGX943, our therapeutic candidate for antibiotic
resistant and emerging infectious disease. The development of our
vaccine programs incorporates the use of our proprietary heat
stabilization platform technology, known as
ThermoVax®. To date, this business segment has been
supported with government grant and contract funding from the
National Institute of Allergy and Infectious Diseases (NIAID) and
the Biomedical Advanced Research and Development Authority
(BARDA).
For further information regarding Soligenix, Inc., please visit
the Company's website at www.soligenix.com.
This press release may contain forward-looking statements that
reflect Soligenix, Inc.'s current expectations about its future
results, performance, prospects and opportunities, including but
not limited to, potential market sizes, patient populations and
clinical trial enrollment. Statements that are not historical
facts, such as "anticipates," "estimates," "believes," "hopes,"
"intends," "plans," "expects," "goal," "may," "suggest," "will,"
"potential," or similar expressions, are forward-looking
statements. These statements are subject to a number of risks,
uncertainties and other factors that could cause actual events or
results in future periods to differ materially from what is
expressed in, or implied by, these statements. Soligenix
cannot assure you that it will be able to successfully develop,
achieve regulatory approval for or commercialize products based on
its technologies, particularly in light of the significant
uncertainty inherent in developing therapeutics and vaccines
against bioterror threats, conducting preclinical and clinical
trials of therapeutics and vaccines, obtaining regulatory approvals
and manufacturing therapeutics and vaccines, that product
development and commercialization efforts will not be reduced or
discontinued due to difficulties or delays in clinical trials or
due to lack of progress or positive results from research and
development efforts, that it will be able to successfully obtain
any further funding to support product development and
commercialization efforts, including grants and awards, maintain
its existing grants which are subject to performance requirements,
enter into any biodefense procurement contracts with the U.S.
Government or other countries, that it will be able to compete with
larger and better financed competitors in the biotechnology
industry, that changes in health care practice, third party
reimbursement limitations and Federal and/or state health care
reform initiatives will not negatively affect its business, or that
the U.S. Congress may not pass any legislation that would provide
additional funding for the Project BioShield program. In addition,
there can be no assurance as to timing or success of the Phase 3
clinical trial of SGX942 (dusquetide) as a treatment for oral
mucositis in patients with head and neck cancer receiving
chemoradiation therapy or the Phase 3 clinical trial of SGX301
(synthetic hypericin) for the treatment of cutaneous T-cell
lymphoma. There also can be no assurance as to timing or
success of the preclinical/clinical trials
of RiVax®,
that RiVax® will be
approved for the PRV program or the amount for which a PRV
for RiVax® can be
sold. These and other risk factors are described from time to time
in filings with the Securities and Exchange Commission, including,
but not limited to, Soligenix's reports on Forms 10-Q and
10-K. Unless required by law, Soligenix assumes no obligation
to update or revise any forward-looking statements as a result of
new information or future events.
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SOURCE Soligenix, Inc.