Soligenix Inc (NASDAQ:SNGX) Stock Slips Below $1 Mark: But Why?
Shares of Soligenix Inc (NASDAQ:SNGX) ended slightly lower on Friday after announcing a key update.
Market Stats
On Friday, SNGX stock slid 1% at $0.9900 with more than 250.80K shares, compared to its average volume of 1.85 million shares. The stock has moved within a range of $0.9700 – 1.0000 after opening the trade at $1.0076.
Publication Demonstrating Enduring Protection of its Thermostable RiVax® Vaccine
Late-stage biopharmaceutical firm focusing on developing and commercializing products for treating rare diseases, Soligenix Inc (NASDAQ:SNGX), on November 4, 2021, announced the publication of pre-clinical immunogenicity studies for RiVax. The vaccine ensures protection for at least 12 months after vaccination.
Titled ‘Durable Immunity to Ricin Toxin Elicited by a Thermostable, Lyophilized Subunit Vaccine’, it has been accepted for publishing in the journal mSphere.
Resulting from collaborative work with Wadsworth Center of New York State Department of Health, it reinforces the practicality of stockpiling as well as utilizing RiVax vaccine in warfighter and civilian first responders.
Dr.OreolaDonini, Chief Scientific Officer of Soligenix said that the results demonstrate convenience, as well as the practicality of the RiVax vaccine, and the company, has continued to prove efficacy.
Having received Orphan Drug and Fast Track designations from FDA, Riva has the potential of a biodefense Priority Review Voucher. Furthermore, it has also received Orphan Drug designation from the European Medicines Agency. RiVax has shown 100% protection in mice and Non-Human Primates exposed to lethal doses of ricin toxin.
The studies have been supported by a contract award of about $21.2 million from the National Institute of Allergy and Infectious Diseases and the approval of Rivax will be done under the United States Food and Drug Administration ‘Animal Rule’
Key Quote
“These results continue to reinforce the convenience and practicality of the RiVax® vaccine,” stated Dr. Oreola Donini, Chief Scientific Officer of Soligenix. “This, and other ongoing work, has continued to corroborate the efficacy of RiVax® and will facilitate its potential approval.”
