Soligenix, Inc. (SNGX) stock gained Pediatric Investigation Plan (PIP) waiver for HyBryte™ (SGX301 or hypericin) by European Medicines Agency (EMA) after which the SNGX stock price saw an uptrend of 10.26% to reach $1.29 a share at the time of this writing. The stock went high in the previous trading session following the receival of $865,000in non-dilutive funding news and closed with a 4.46% gain. Let’s discuss more about SNGX stock.
What’s Happening?
The Pediatric Investigation Plan waiver is for HyBryte™ which had been evaluated against early-stage cutaneous T-cell lymphoma(CTCL) in phase three clinical study. The phase three study has been successfully concluded recently. This Achievement will pace up the marketing approval process of Soligenix’s application across the globe. Soligenix management is looking forward to marketing approval as well as commercialization of HyBryte™ and the first target market would be the U.S market which would then followed by the European market.
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Non-Dilutive Funding:
Soligenix stock Yesterday on June 9, 2021, announced the receival of $865,000 amount, in non-dilutive funding under the state of New Jersey’s Technology Business Tax Certificate Transfer Program. It’s the eleventh year that SNGX stock is receiving funding for net operating loss. Roughly $6.5 million non-dilutive funding has been received by SNGX stock in this period that has enabled the Soligenix stock to advance its rare disease pipeline.
Recent Developments by SNGX stock:
- On May 20, 2021, SNGX stock received the Japanese patent titled “Systems and Methods for Producing Synthetic Hypericin” in order to produce the highly purified form of synthetic hypericin
- About a month ago, the United Kingdom’s(UK’s) Innovative Licensing and Access Pathway (ILAP) had awarded an innovation passport to SNGX stock’s HyBryte™ for the treatment of early-stage cutaneous T-cell lymphoma in adults.
- In the Annual Conference on Vaccinology Research, the senior vice president, and Chief Scientific Officer, Oreola Donini, Ph.D. of Soligenix stock presented the CiVax™development program in mice and non-human primates (NHPs). CiVax™ is the vaccine against COVID-19.
- On April 7, the HyBryte™ had been conditionally accepted as SGX301 by the U.S Food and Drug Administration.
Financial View of SNGX stock:
SNGX stock revenue reduced to $0.1 million for the first three months of 2021 from $0.9 million in the same period of the previous year. Its net loss for the recently reported quarter was $2.4 million, or ($0.06) per share. $1.4 million amount spent on research and development expenses and $0.9 million used in general and administrative expenses by the SNGX stock.SNGX stock’s cash position was $30.5 million by the end of March 2021.
Conclusion:
So far so good for SNGX stock as far as market sentiment is concerned. Soligenix is deeply focused on the treatment of CTCL via its HyBryte™. The stock is moving forward day by day and can be a good bet for investors in the long run.
