Shares of Soligenix (NASDAQ: SNGX) continued to climb Friday following the company’s announcement yesterday that its SGX301 was granted Promising Innovative Medicine (PIM) designation in the United Kingdom by the Medicines and Healthcare Products Regulatory Agency for the treatment of cutaneous T-cell lymphoma. The PIM designation is the first step toward inclusion in the Early Access to Medicines Scheme (EAMS), which provides severely ill patients with life-threatening and seriously debilitating conditions early access to groundbreaking new medicines – before marketing authorization is approved. “This is now the second of our programs to receive this important designation, with the first being SGX942 for the treatment of severe oral mucositis in head and neck cancer patients receiving chemoradiation therapy. We look forward to working with the MHRA to advance both programs and leverage the potential benefits of the EAMS scheme to make these important products available to patients and physicians facing the challenges of CTCL and severe oral mucositis,” president and CEO Christopher J. Schaber, PhD stated in the news release. Additionally, Aegis Capital has increased its price target on SNGX to $7 from $6.
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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. The company’s BioTherapeutics business segment is developing SGX301 as a novel photodynamic therapy utilizing safe visible light for the treatment of cutaneous T-cell lymphoma, its first-in-class innate defense regulator technology, dusquetide (SGX942) for the treatment of oral mucositis in head and neck cancer, and proprietary formulations of oral beclomethasone 17,21-dipropionate (BDP) for the prevention/treatment of gastrointestinal disorders characterized by severe inflammation including pediatric crohn’s disease (SGX203) and acute radiation enteritis (SGX201). The company’s Vaccines/BioDefense business segment includes active development programs for RiVax™, its ricin toxin vaccine candidate, OrbeShield®, its GI acute radiation syndrome therapeutic candidate and SGX943, its melioidosis therapeutic candidate. The development of the company’s vaccine programs incorporates the use of its proprietary heat stabilization platform technology, known as ThermoVax®. Currently, this business segment is supported with government grant and contract funding from the National Institute of Allergy and Infectious Diseases and the Biomedical Advanced Research and Development Authority. For further information regarding Soligenix, Inc., please visit the company’s website at www.soligenix.com.
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