Soligenix, Inc. (SNGX) stock was popping high today after it announced a grant of orphan drug designation by the FDA to treat T-cell Lymphoma. SNGX stock price saw a surge of 21.90% to reach $1.28 a share as of this writing. Soligenix stock was gloomy in the previous trade and went down by 3.67% at closing.
Soligenix, Inc is the late-stage biopharmaceutical stock that develops and commercializes for the treatment of rare diseases. The company is running its business mainly through two segments which are Specialized Biotherapeutics and Public Health Solutions. Let’s discuss recent events of this stock.
Orphan Drug Designation:
SNGX stock today announced that it has received a grant of orphan drug designation by the U.S Food & Drug Administration. The grant is related to the active ingredient hypericin to treat T-cell lymphoma. FDA extended target population of hypericin orphan drug designation beyond cutaneous T-cell lymphoma.
U.S Orphan Drug Act helps companies in developing safe and effective treatments against rare diseases and disorders. Now SNGX stock is in a position to leverage financial and regulatory benefits through orphan drug designation. The management is now keen to advance the program toward NDA filing in the first half of 2022.
SNGX stock is preparing to tackle future health emergencies:
In July, Dr. Anthony Fausi urged to develop a prototype vaccine against different viruses for timely preparation for future health emergencies. At the University of Hawai’i in Mānoa SNGX stock’s collaborators are working with thermostabilized vaccine candidates against three life-threatening filoviruses which also include Sudan ebolavirus. Filoviruses may cause severe damage in areas with uncertain power supply. Developing thermostable vaccines can control rising concerns of the potential pandemic in such areas.
HyBryte: A therapy to treat rare diseases by SNGX stock:
In the last week of June, Dr. Ellen Kim, a lead principal investigator of SNGX stock discussed the efficacy and safety profile of HyBryte. According to Kim, HyBryte was safe and effective in most of the CTCL patients. A total of 169 patients participated in the flash study. The purpose of developing HyBryte is to provide a safe alternative to the existing therapies that cause significant and fatal side effects.
The orphan drug designation by the FDA has made the SNGX stock green in the stock market. By the end of June 2021, SNGX stock had $29 million in cash position which reflects sufficient capital to pursue its strategic goals.