Soligenix agrees to $10 million equity agreement
This funding source will allow Soligenix, a biopharmaceutical company that focuses on developing oncology, inflammation and biological defense treatments, to continue its developments that include the third phase of clinical trials for SGX301, a treatment for cutaneous T-cell lymphoma.
"We are very excited to receive this commitment for the capital infusion led by Kodiak Capital and look forward to having the participating funds as valued investors," Soligenix President and CEO Christopher Schaber said. "The commitment serves as a vote of confidence in our ability to advance our late-stage clinical programs and increase shareholder value."
As a part of the agreement, Soligenix will file a registration statement with the U.S. Securities and Exchange Commission that will allow common stock in the company to be issued to investors. Following the filing, Soligenix will be able to sell up $10 million in common stocks.
"We have been following Soligenix through its development progress for some time and are very pleased to be making this investment," Kodiak Capital Managing Director Ryan Hudson said. "We are impressed with the company's technologies and management's ability to execute on their development and regulatory strategies. We look forward to partnering with Soligenix as a long-term, fundamental investor."