Soligenix Gets More NIAID Funding

Soligenix, a late-stage biopharmaceutical company, said premarket Monday that the National Institute of Allergy and Infectious Diseases (NIAID) has exercised an option to provide more funding to Soligenix in order to advance development of the company’s heat stable ricin toxin vaccine. Under the option, Soligenix will receive $2.5 Mln additional non-dilutive funding, bringing the total amount awarded to date under this contract to $21.2 Mln.

If all contract options are exercised, the total award of up to $24.7 million will support the pre-clinical, manufacturing and clinical development activities necessary to advance heat stable ricin vaccine with the U.S. Food and Drug Administration (FDA). “With this recent option exercise by NIAID, along with the one exercised this past June, we now have $4.5 million in additional non-dilutive funding that will allow us to proceed with both GMP manufacture and pre-clinical efficacy studies,” CEO Christopher Schaber said in a statement.

By Kristen Tardella