June 18, 2010 (FinancialWire) — Soligenix, Inc. (OTCBB: SNGX), a biopharmaceutical firm, said that it has entered into common stock purchase agreements with both existing and new investors totaling around $5.16 million. Soligenix said that its North American commercial partner, Sigma-Tau Pharmaceuticals, Inc., participated in this financing.

Upon closing of the private placement, Soligenix will issue around 25,178,180 shares of common stock and warrants to purchase up to around 15,106,910 shares of Soligenix common stock for an aggregate price of approximately $5.16 million. The expiration date of the warrants will be accelerated if the company's common stock meets certain price thresholds and Soligenix would receive additional gross proceeds of around $4.23 million if all are exercised.

New Jersey-based Soligenix develops products to treat life-threatening side effects of cancer treatments and serious gastrointestinal diseases, and vaccines for certain bioterrorism agents.

Soligenix's lead product, orBec, is a locally acting corticosteroid being developed for the treatment of acute gastrointestinal Graft-versus-Host-Disease, a common and potentially life-threatening complication of hematopoietic cell transplantation.

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