Soligenix, Inc. (OTCBB:SNGX) Tumbles On Its Way Up
The biopharmaceutical company Soligenix, Inc. (OTCBB:SNGX) was making a steep climb since last week. The stock managed to add half a dollar to its value for that short amount of time and at closing time on Monday was comfortably sitting on $1.60. Yesterday they took a tumble though and dropped by 7% to $1.49.
The company has a diversified pipeline of products primarily focused on vaccines and “BioDefense” treatments for threats such as ricin and radiation. They have been making steady progress with their business plan that is concentrated on unmet medical needs. The company’s RiVax, a vaccine against ricin poisoning has received funding from both the FDA and NIH and has successfully passed two Phase 1 human trials.
The Biomedical Advanced Research and Development Authority (BARDA) has shown acute interest in other product – OrbeShieldTM, used to treat gastrointestinal acute radiation syndrome. A response from BARDA is expected in the second half of 2013 on a proposed multy-year, multy-million dollar contract regarding the development of the drug. SNGX have even more catalysts for the second half of 2013 with 3 different Phase 2 trials expected to be initiated.
SNGX finished the quarter ending March 31, with the following financials :
- $2.6 million cash
- $3.4 million total current assets
- $1.6 million total current liabilities
- $900 thousand grant revenue
- $1 million net loss
They further bolstered their cash reserves last month when in a private offering of stock managed to acquire $7.1 million in exchange for 6.7 million shares and warrants for the purchase of another 5 million shares. SNGX has a lot of room until they reach the authorized amount of 50 million common shares.
The company is quite unique among the other medical pennystocks. It has never been pumped, has adequate funds for its needs and is keeping its debt levels to a minimum. In early trading today SNGX is a bit shaky, currently 2% up.
Bio Matrix Scientific Group, Inc. (OTCMKTS:BMSN) had a better performance and closed 12% up yesterday. On the other hand ScripsAmerica, Inc. (OTCBB:SCRC) has been sliding further down after it almost reached $1 a week ago. Since then they have lost more than 60% in value and are closing in on $0.30.
