Soligenix Inc (OTCBB:SNGX) has been moving up on news that the company is ready to begin its phase-3 trials, in collaboration with NORD and CLF. The study is targeted at curing CTCL, using one of the proprietary drugs, developed by SNGX. The SGX301 has been awarded a fast track and orphan drug designation by the FDA. The company develops its drugs by using one of its three patented technologies, the innate defense regulator, the oral BDP and the ThermoVax.
SGX301 makes use of ThermoVax as the primary platform, which is a heat stabilization technology. The technology helps the company eliminate cold storage and chain production concerns, making the manufacturing and distribution cheaper, while maximizing profit margins. The technology tends to stabilize aluminum salt adjuvanted vaccines, which is the most commonly used salt in the pharmaceutical industry. SNGX’s ThermoVax platform has great market potential. As per the WHO, nearly 50% of all vaccines around the world are wasted, due to thermal stability issues. This is because all Alum salt vaccines need to be stored between 2 and 8 degrees Celsius.
Furthermore, SNGX is developing the ThermoVax solution further, with the help of $24.7 million worth NIAID. The grant helped the company develop RiVax, a thermo-stable form of ricin, and VeloThrax, a vaccine for anthrax. Additionally, the company has also been working on expanding its unique ThermoVax technology towards other vaccines. Most recently, the company reached an agreement with Dr. Axel Lehrer, at the University of Hawaii, to use ThermoVax to develop a heat stable vaccine for Ebola. The market for an Ebola vaccine is growing, particularly in parts of Africa, which creates the problem of cold storage and transportation. Having a thermo-stable vaccine can be crucial for the market. Previous ThermoVax based vaccines have been put through pharmaceutical studies and have been found to be safe and compatible.
Soligenix Inc (OTCBB:SNGX) traded 118,210 shares during the July 10 session to close at a share price of $1.89, after losing 0.53% of its share value.