PRINCETON, N.J., April 18,
2024 /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, today announced
the pricing of its public offering of 11,875,000 shares of common
stock (or common stock equivalents in lieu thereof) and warrants to
purchase up to 11,875,000 shares of common stock at a combined
public offering price of $0.40 per
share and accompanying warrant for aggregate gross proceeds of
approximately $4.75 million, before
deducting placement agent fees and other offering expenses. The
warrants will have an exercise price of $0.40 per share, will be exercisable immediately
and will expire five years from the issuance date.
The closing of the offering is expected to occur on or about
April 22, 2024, subject to the
satisfaction of customary closing conditions. The Company intends
to use the net proceeds from the offering to fund the Company's
research and development and commercialization activities, and for
general corporate and working capital purposes.
A.G.P./Alliance Global Partners is acting as the sole
placement agent for the offering.
A registration statement on Form S-1 (File No. 333-276511)
relating to the sale of these securities was declared effective by
the Securities and Exchange Commission (the "SEC") on April 15, 2024. This offering is being made only
by means of a prospectus. A final prospectus relating to the
offering will be filed with the SEC and will be available on the
SEC's website at http://www.sec.gov. Electronic copies of the
prospectus may be obtained, when available, from A.G.P./Alliance
Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212)
624-2060, or by email at prospectus@allianceg.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Soligenix
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 and moving toward
potential commercialization of HyBryte™ (SGX301 or synthetic
hypericin sodium) as a novel photodynamic therapy utilizing safe
visible light for the treatment of cutaneous T-cell lymphoma
(CTCL). With successful completion of the second Phase 3 study,
regulatory approvals will be sought to support potential
commercialization worldwide. Development programs in this business
segment also include expansion of synthetic hypericin (SGX302) into
psoriasis, our first-in-class innate defense regulator (IDR)
technology, dusquetide (SGX942) for the treatment of inflammatory
diseases, including oral mucositis in head and neck cancer, and
(SGX945) in Behçet's Disease.
Our Public Health Solutions business segment includes
development programs for RiVax®, our ricin toxin vaccine
candidate, as well as our vaccine programs targeting filoviruses
(such as Marburg and Ebola) and CiVax™, our vaccine candidate for
the prevention of COVID-19 (caused by SARS-CoV-2). 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 Agency (DTRA) and the Biomedical Advanced
Research and Development Authority (BARDA).
Cautionary Statement Regarding Forward-Looking
Statements
This press release may contain forward-looking statements that
reflect Soligenix's current expectations about its future results,
performance, prospects and opportunities, including but not limited
to, potential market sizes, patient populations, clinical trial
enrollment, the expected timing for closing the offering described
herein and the intended use of proceeds therefrom. 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, and
include the expected amount and use of proceeds from the offering
and the expected closing date of the offering. 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 any of its clinical/preclinical trials.
Despite the statistically significant result achieved in the first
HyBryte™ (SGX301) Phase 3 clinical trial for the treatment of
cutaneous T-cell lymphoma, there can be no assurance that the
second HyBryte™ (SGX301) Phase 3 clinical trial will be successful
or that a marketing authorization from the FDA or EMA will be
granted. Additionally, although the EMA has agreed to the key
design components of the second HyBryte™ (SGX301) Phase 3 clinical
trial, no assurance can be given that the Company will be able to
modify the development path to adequately address the FDA's
concerns or that the FDA will not require a longer duration
comparative study. Notwithstanding the result in the first
HyBryte™ (SGX301) Phase 3 clinical trial for the treatment of
cutaneous T-cell lymphoma and the Phase 2a clinical trial of SGX302
for the treatment of psoriasis, there can be no assurance as to the
timing or success of the clinical trials of SGX302 for the
treatment of psoriasis. 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 (the
"SEC"), including, but not limited to, the Company's preliminary
prospectus (Registration No. 333-276511) filed with the SEC on
April 2, 2024, and 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.