Soligenix Inc (OTCBB:SNGX) a late-stage Biopharma developing products to address unmet medical needs in various areas including biodefense, inflammation and oncology reported that it finalized a $10 million equity purchase deal with official institutional investors, Kingsbrook Opportunities Master Fund LP, River North Equity, LLC and Kodiak Capital Group, LLC. Brean Capital, LLC acted as the financial advisor for the reported deal.
Soligenix reported that they will submit a registration statement with the U.S. SEC highlighting the resale of the shares of company’s common stock. These shares will be issued to the investors in accordance with the equity purchase deal.
Once the U.S. SEC states the registration statement effective, the company will have the right to offer up to $10 million worth of its common stock as per the terms mentioned in the agreement. The funds from this transaction will be deployed to support Soligenix’s ongoing development plans of its late-stage lead candidates, including Phase III clinical trial of SGX301 targeting cutaneous T-cell lymphoma.
The management view
Christopher J. Schaber, PhD, the CEO said that they are thrilled to finalize this equity purchase agreement for the funds infusion by Kodiak Capital. They look forward to having the participating capital as valued investors. Their commitment shows the company’s ability to progress with the late-stage clinical plans and enhance shareholder value.
Ryan Hodson, the MD of Kodiak Capital, stated that they have been following company’s development progress and are delighted to be making this investment. They are impressed with the Soligenix’s technologies and their management’s ability to advance with the development and regulatory programs. Mr. Hodson concluded that they look forward to associating with Soligenix for long-term.
In last trading session, the stock price of Soligenix declined more than 8% to close the trading session at $1.49. The decline came at a share volume of 412,717 compared to monthly average share volume of 320,618.