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, announced today that it has received approximately $1.4 million, net of transaction costs, in non-dilutive funding via multiple government tax programs.
“We have received $1.2 million from the state of New Jersey’s (NJ) Technology Business Tax Certificate Transfer Program and $0.2 million from the United Kingdom’s (UK) Her Majesty’s Revenue & Customs (HMRC) Research and Development (R&D) Tax Credit Program,” stated Christopher J. Schaber, PhD, President and Chief Executive Officer of Soligenix. “We continue to be extremely active in our pursuit of non-dilutive funding to offset operating expenses. This is our twelfth year receiving NJ Net Operating Loss (NOL) funding. Over this time period, we have received approximately $7.6 million in non-dilutive NOL funding. This has allowed us to advance our rare disease pipeline to where we are today, with multiple later stage clinical assets and preparing to file a new drug application for HyBryte™ for the treatment of cutaneous T-cell lymphoma later this year. We are grateful for NJ Economic Development Authority’s (NJEDA) continued support of its biotechnology industry. This is also our third year receiving the HMRC tax credit, to date we have received $0.5 million to support our clinical trials in the UK.”
The NJEDA program enables approved technology and biotechnology businesses to sell their unused NOL Carryovers and unused R&D Tax Credits to unaffiliated, profitable corporate taxpayers in the state of New Jersey. This allows businesses with NOLs to turn their tax losses and credits into cash proceeds to fund additional R&D, purchase equipment and/or facilities, or cover other allowable expenditures. The NJEDA determines eligibility for the program, the NJ Division of Taxation determines the value of the available tax benefits (NOLs and R&D Tax Credits), and the NJ Commission on Science and Technology evaluates the technology and its viability. The State of NJ was the originator of this program and the first state to implement and fund it.
The HMRC R&D Tax Credit Program supports companies that work on innovative projects in science and technology in the UK. It can be claimed by a range of companies that seek to research or develop an advance in their field.
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 Specialized BioTherapeutics business segment is developing and moving toward potential commercialization of HyBryte™ (SGX301 or synthetic hypericin) as a novel photodynamic therapy utilizing safe visible light for the treatment of cutaneous T-cell lymphoma (CTCL). With a successful Phase 3 study completed, regulatory approval is being sought and commercialization activities for this product candidate are being advanced initially in the U.S. 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 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).
