PRINCETON, N.J., Aug. 10, 2012 - Soligenix, Inc. (OTCBB: SNGX) (Soligenix or the Company), a development stage biopharmaceutical company, announced today its financial results for the second quarter ending June 30, 2012.
Soligenix's revenues for the quarter ending June 30, 2012 were $762,851 as compared to $405,820 for the second quarter of 2011. The increase in revenues was 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 ending June 30, 2012 was $979,878 or $(0.09) per share, as compared to $1,931,317 or $(0.18) per share for the quarter ending June 30, 2011, representing a decreased loss of $951,143. This decrease is attributable to increased gross profit related to the ThermoVax grant and reduced spending resulting from termination of the Phase 3 clinical trial of orBecin acute GI GVHD.
Research and development expenses for the quarter ending June 30, 2012 were $500,980 as compared to $1,513,722 for the quarter ending June 30, 2011. This decrease of$1,012,742 is primarily attributable to reduced spending in connection with the Phase 3 clinical trial of orBec General and administrative expenses for the quarter ending June 30, 2012were $627,218, compared to $475,377 for the quarter ending June 30, 2011. This increase of $151,841 is primarily attributable to a greater share of allocated salaries to general and administrative due to decreased research and development programs.
As of June 30, 2012, the Company's cash position was approximately $4,430,000 with working capital of approximately $3,630,000.
Christopher J. Schaber, PhD, President and Chief Executive Officer of Soligenix stated, "In the second quarter of 2012 we continued progress in our Vaccine/BioDefense business segment with our novel vaccine thermostabilization technology, ThermoVax and with OrbeShield, our treatment for gastrointestinal acute radiation syndrome. We remain committed to enhancing our product development pipeline through internal efforts and external strategic alliances. We look forward to reporting on further progress on all programs during the second half of this year."
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