Soligenix reports year-end 2012 accomplishments and financial results
The company's revenues for 2012 were $3.1 million compared to $7.6 million the previous year. The decrease was the result of $5 million received in 2011 from Sigma-Tau Pharmaceuticals, Inc., for the European rights to oral beclomethasone 17,21-dipropionate, also known as orBec or BDP. Soligenix also attributed an increased net loss last year, which rose from $2.4 million in 2011 to $4.2 million in 2012, to the Sigma-Tau transaction in 2011.
Christopher Schaber, the president and CEO of Soligenix, said that the company made progress last year in its biotherapeutics and vaccine/biodefense businesses segments. He said that the company has built major momentum going into 2013.
"In January, we were pleased to receive an invitation from the Biomedical Advanced Research and Development Authority to submit a contract proposal for the development of OrbeShield for the treatment of gastrointestinal acute radiation syndrome, which was submitted in February," Schaber said. "We are also pleased with the momentum we have built entering 2013, and are excited about the opportunities we see in both of our business segments. I look forward to reporting on our progress on all programs throughout the coming year."
Soligenix develops products to treat serious gastrointestinal diseases in addition to multiple biodefense vaccines and therapeutics. The company's lead biodefense products are RiVax, a ricin vaccine, and VeloThrax, a vaccine against anthrax exposure.