By: Matt Rego
Shares of biopharmaceutical company, Soligenix, Inc. (OTCQB: SNGX) are down 4% on Friday, June 24, 2016. The company normally sees average daily volumes of around 96,000 shares over the past thirty days. However, around 166,500 shares or $112,387 in dollar volume have already exchanged hands in the trading session Friday.
While there is no news out that would explain the 4% declines in shares of Soligenix, Inc. (OTCQB: SNGX), global stock markets are facing a steep sell off Friday as British voters decided to leave the European Union. While Soligenix, Inc. (OTCQB: SNGX) should not be directly impacted by the Brexit, investors seem to be dumping risky assets in favor of more safe haven-type investments.
Earlier this week on June 20, 2016, Soligenix, Inc. (OTCQB: SNGX) announced the company has hired Karen Krumeich as the company’s new chief financial officer. In addition, Soligenix, Inc. (OTCQB: SNGX) released an update on June 16, 2016 that detailed the status of the company’s bioterrorism defense solutions. Here is the update in the bioterror solutions:
SAN FRANCISCO, CA–(Marketwired – June 16, 2016) – Maxim Group biotech analyst Jason Kolbert notes “steady progress” is being made by Soligenix Inc., a small-cap biotech with programs addressing bioterrorism threats and a devastating side effect of cancer treatment, in his Q1/16 update on the company.
Included in this article is: Soligenix Inc. (OTCQB: SNGX)
Soligenix Inc. reported Q1/16 results with total revenues of $2.6M, including contract revenues from BARDA (Biomedical Advanced Research and Development Authority) and NIAID (National Institute of Allergy and Infectious Diseases) for development of OrbeShield and ThermoVax combined with RiVax. Net loss for the quarter was $1.1M or $(0.04) per share and the company ended the period with $4.3M in cash.
The company released positive data from the Phase 2 oral mucositis study with SGX942 this past quarter. SGX942’s novel mechanism of action as an Innate Defense Regulator showed the potential to address all stages of oral mucositis disease progression. The company is currently in talks with the US and EU regulatory authorities and expects to initiate a pivotal Phase 2b/3 study before the year-end.
Continue reading this article: Soligenix Develops Defenses Against Bioterrorism
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