Soligenix, a late-stage biopharmaceutical company, has entered into common stock purchase agreements with existing and new investors totalling approximately USD5.16m.
Soligenix’s North American commercial partner, Sigma-Tau Pharmaceuticals, participated in this financing.
Upon closing of the private placement, Soligenix will issue approximately 25,178,180 shares of common stock and warrants to purchase up to approximately 15,106,910 shares of Soligenix common stock for an aggregate price of approximately USD5.16m.
The expiration date of the warrants will be accelerated if the company’s common stock meets certain price thresholds and Soligenix would receive additional gross proceeds of approximately USD4.23m if all are exercised.
National Securities and Griffin Securities served as co-placement agents on the financing.
"We are pleased with this vote of confidence and continued support from our partner Sigma-Tau and the institutional investors in what are obviously challenging market conditions," says Christopher J. Schaber, president and chief executive officer of Soligenix. "With a strengthened balance sheet, our top priority remains the completion of our confirmatory Phase 3 trial of orBec in the treatment of acute GI GVHD, an important unmet medical need."
