Soligenix Inc (OTCBB:SNGX) took a huge dip last week as some significant selling hit the market decimating the stock price to $0.55 lows from the $1 level. SNGX has come back some since then on continued surging volume.
The stock used to trade on the AMAX and was delisted to the bb’s back in April 2006; investors love these ex big board stocks with built in exposure and volume like SNGX which has a history of big moves running from around $0.25 to a recent high of $2.95.
Soligenix Inc (OTCBB:SNGX) is a late-stage biopharmaceutical company focused on developing and commercializing products to treat rare diseases where there is an unmet medical need. SNGX BioTherapeutics business segment is developing SGX301 as a first-in-class photodynamic therapy utilizing safe visible light for the treatment of cutaneous T-cell lymphoma.
SNGX is also developing 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), and our novel innate defense regulator technology (SGX942) for the treatment of oral mucositis.
The Company’s Vaccines/BioDefense business segment includes active development programs for RiVax™, their ricin toxin vaccine candidate, VeloThrax™, their anthrax vaccine candidate, OrbeShield™, their GI acute radiation syndrome therapeutic candidate. The development vaccine programs incorporates the use of SNGX proprietary heat stabilization platform technology, known as ThermoVax™.
Last year Lincoln Park Capital Fund, LLC (LPC), provided an initial investment in Soligenix of $600,000 and the availability of additional periodic investments up to $10.0 million over a 36-month term. At its sole discretion, Soligenix has the right to sell to LPC up to an additional $10.0 million of its common stock. With this flexible financing vehicle, Soligenix should be able to focus on advancing its clinical programs.
Melioidosis is an infectious disease caused by a Gram-negative bacterium, Burkholderia pseudomallei, found in soil and water. It is of public health importance in endemic areas, particularly in Thailand and northern Australia. It exists in acute and chronic forms. Signs and symptoms may include pain in chest, bones, or joints; cough; skin infections, lung nodules and pneumonia.
Often referred to as Whitmore’s disease, Melioidosis is of great public health importance in endemic areas. Once a melioidosis is diagnosed, the disease can be treated with the use of appropriate antibiotics.
Melioidosis was in the news recently after the US Centers for Disease Control and Prevention (CDC) launched on inquiry into melioidosis illness at Tulane National Research Center (TNPRC). This has raised the visibility and awareness of melioidosis among healthcare professionals and the general public.
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Current treatments for Melioidosis is insufficient; treatments can reduce mortality rate to 10% for uncomplicated cases, but still up to 80% for cases with bacteraemia or severe sepsis using antibiotics.
SNGX has two distinctive programs for Melioidosis: SGX943 and SGX101; SGX943 is being developed to treat infections and tissue damages, belongs to a new class of compounds called Innate Defense Regulators (IDRs).
The Company has specifically developed SGX943 to target the host response to infection making them broadly applicable to many bacterial infections. Soligenix has been investigating the efficacy of SGX943 against B.pseudomallei infection, the causative agent of melioidosis. B. pseudomallei is a Tier 1 biothreat, a National Institute of Allergy and Infectious Diseases (NIAID) category B priority pathogen and a top 5 priority in the most recent Public Health Emergency Medical Countermeasure Enterprise (PHEMCE) Strategy document.
On December 4 SNGX announced clinical program updates for December 2015: The Phase 2 proof-of-concept clinical trial of SGX942 for the treatment of oral mucositis in head and neck cancer patients remains consistent with prior guidance. The Company anticipates that the study will be unblinded and preliminary results reported by December 18, 2015.
The Phase 3 pivotal clinical trial of SGX301 (synthetic hypericin) for the treatment of cutaneous T-cell lymphoma (CTCL) remains consistent with prior guidance. The Company anticipates initiating and opening the study for enrollment by December 18, 2015.
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Currently trading at a $19 million market valuation SNGX has $4 million in the treasury, manageable debt and fast growing revenues of $3,874,199 for the 3 months ended September 30 up from $2,194,909 for the same period last year. The stock has been subject to a recent massive attack and many Investors are viewing this as a serious buying opportunity as SNGX continues two distinctive programs under development for melioidosis including SGX942 and SGX301 and the positive data coming back from the trials. We will be updating on SNGX when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with SNGX.
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Disclosure: we hold no position in SNGX either long or short and we have not been compensated for this article.