Penny Stock in Focus; Soligenix spikes to +27% Gains
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    OTC Stock in the News; Soligenix tanks on Dismal Data

    OTC Stock in the News; Soligenix tanks on Dismal Data

    Shares of Soligenix Inc. (OTC: SNGX), a late-stage biopharmaceutical company, are sinking in today’s trading after the company reported results of recent Data Safety Monitoring Board (DSMB) review for phase III orBec® study in acute GI GVHD.

    At last check, Soligenix shares were trading 84.91% lower at $0.0400, with volume up from daily average of 474,892 to 17.89 million.

    The company said that the independent DSMB recommended that the study be stopped as it is not likely to achieve the predetermined primary objective or efficacy based on the interim results. The DSMB did not raise any safety concerns after the review.

    Soligenix decided to stop enrolling patients for the study following the DSMB’s recommendation. Commenting on DSMB’s recommendation, Christopher J. Schaber, president and CEO of Soligenix, said that the company is obviously disappointed with the outcome of the DSMB’s review and that over the coming weeks, it will analyze the data. Schaber further said that at this point, the company does not know why the primary efficacy endpoint was not demonstrated by orBec, as two prior studies with very similar designs showed strong efficacy and clinically relevant results in essentially the same patient population.