PRINCETON, N.J., Dec. 18, 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 preliminary approval for
a tax credit from the New Jersey Economic Development
Authority's (NJEDA) New Jersey Technology Business Tax Certificate
Transfer program. As a result, the Company anticipates being
able to transfer this credit and receive approximately $850,000 in net proceeds.
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 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.
"As we are always looking for non-dilutive ways to fund our
company, we are once again very pleased with NJEDA's decision to
support advancing biotechnology companies with the approval of our
application in this year's program," stated Christopher J. Schaber, PhD, President and Chief
Executive Officer of Soligenix. "This is our ninth year receiving
NOL funding. Over this time period, we have received
approximately $5.7 million in
non-dilutive NOL funding that has allowed us to advance our rare
disease pipeline to where we are now approaching final data readout
in two pivotal Phase 3 clinical trials. The first study is
SGX301 for the treatment of cutaneous T-cell lymphoma (CTCL), where
enrollment is complete with topline results expected in the first
quarter of 2020. The second study is SGX942 for the treatment
of oral mucositis in patients with head and neck cancer, where
topline results are expected in the second quarter of
2020."
Dr. Schaber continued, "This program continues to be a welcomed
and important addition to other significant non-dilutive funding we
have been awarded from the Biomedical Advanced Research and
Development Authority and the National Institutes of
Health. We are, again, very thankful for New Jersey'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 Specialized
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 Public Health Solutions business segment includes active
development programs for RiVax®, our ricin toxin vaccine
candidate, OrbeShield®, our GI acute radiation syndrome
therapeutic 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), the
Defense Threat Reduction Agents (DTRA) 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 the 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. Further, there can be no assurance that RiVax®
will qualify for a biodefense Priority Review Voucher (PRV) or that
the prior sales of PRVs will be indicative of any potential sales
price for a PRV for RiVax®. Also, no assurance can be
provided that the Company will receive or continue to receive
non-dilutive government funding from grants and contracts that have
been or may be awarded or for which the Company will apply in the
future. 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.