Soligenix (NASDAQ: SNGX, SNGXW) shares are 34% lower on its first day of uplisting to the Nasdaq Capital Market. The late-stage biopharmaceutical company this morning priced an underwritten public offering of 1,670,000 shares of its common stock and warrants to purchase up to an aggregate of 2,087,500 shares of its common stock at a combined offering price of $3.16 – for gross proceeds of approximately $5,277,200. The warrants will have an initial per share exercise price of $3.95, subject to customary adjustment in connection with stock splits, stock dividends, reclassifications, combinations and other similar events; are exercisable immediately; and will expire five years from the date of issuance. The offering is expected to close on December 16, 2016, subject to customary closing conditions.
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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).
The company’s Vaccines/BioDefense business segment includes active development programs for RiVax™, its ricin toxin vaccine candidate, OrbeShield®, its GI acute radiation syndrome therapeutic candidate and SGX943, its melioidosis therapeutic candidate. The development of its vaccine programs incorporates the use of our proprietary heat stabilization platform technology, known as ThermoVax®. Currently, this business segment is supported with up to $58 million in 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 more information visit www.soligenix.com
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