Soligenix closes public offering

Soligenix, Inc., announced on Tuesday that it has closed a previously announced public offering after raising approximately $7.1 million.

Soligenix is a clinical stage biopharmaceutical company that develops products meant to treat serious gastrointestinal diseases. It also develops biodefense vaccines and therapeutics. Soligenix is currently developing medical countermeasures for the Biomedical Advanced Research and Development Authority Strategic Plan of 2011-2016 for inclusion in the US government's Strategic National Stockpile.

The public offering raised gross profits of $7.1 million, which will be used to further develop its product candidates. The final amount of shares issued were 6,773,995 of the company's common stock and 5,080,500 shares of five-year warrants to purchase the company's common stock.

Investors in this public offering ranged from institutional investors including an affiliated fund of Third Security, LLC, along with certain members of the Soligenix's management and board.

Soligenix currently has two leading product candidates. The first candidate is a proprietary formulation of oral beclomethasone 17,21-dipropionate that is used for pediatric Crohn's disease and is currently in Phase I clinical trials.

The second candidate is a novel innate defense regulator technology for the treatment of oral Mucositis. Phase II clinical trials for this candidate are scheduled to begin in the second half of 2013.