Development stage biopharmaceutical company Soligenix(OTCQB:SNGX) Friday said that it has increased its cash position to about $3.3 million after receiving funding from a tax transfer program.
The company said it recently received roughly $521,000 in non-dilutive financing through the State of New Jersey's Technology Business Tax Certificate Transfer Program.
The program enables approved, unprofitable biotechnology businesses to sell their unused net operating loss carryovers (NOLs) and unused research and development tax credits for at least 80 per cent of the value of the tax benefits to unaffiliated, profitable corporate taxpayers in New Jersey.
Soligenix noted that the program allows biotechnology businesses with NOLs to turn their tax losses and credits into cash proceeds to fund more research and development, buy equipment and/or facilities, or cover other allowable expenditures.
"As we are always looking for non-dilutive ways to fund our company, we are once again very pleased with the New Jersey Economic Development Authority’s decision to approve our application in this year's program," said president and CEO Christopher J. Schaber, PhD.
"This NOL funding increases our cash position to about $3.3 million."
Soligenix is focused developing products to treat serious inflammatory diseases.
On Thursday, the company announced that it has regained the North American and European commercial rights to its oral treatment for inflammatory gastrointestinal disorders.
The company's oral formulation of beclomethasone dipropionate (BDP), a topically active corticosteroid, is currently in development for pediatric Crohn's disease, acute radiation enteritis, and gastrointestinal Graft-versus-Host disease (GVHD).
Through an amendment of its collaborative agreement with Sigma-Tau Pharmaceuticals, Soligenix said it is now free to commercialize or enter into commercialization agreements for its oral BDP suite of products “with other parties without limitation”.
Soligenix is currently developing oral formulations of the drug, including its two-tablet system specifically designed for delivery of BDP throughout the small bowel and the colon.
Earlier this month, the biopharmaceutical company also acquired SGX94 - a drug technology that regulates the immune system.
Soligenix is planning to develop the drug technology in both of its key units, namely cancer supportive care in its biotherapeutics segment, and infectious diseases under its vaccines/biodefense division.
Meanwhile, through its biodefense division, the company is developing vaccines including RiVax, designed to protect against the lethal effects of exposure to ricin toxin and VeloThrax, a vaccine against anthrax exposure.
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