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

    Penny Stock in Focus; Soligenix spikes to +27% Gains

    Shares of late-stage biopharmaceutical company Soligenix Inc. (OTC: SNGX) are soaring in today’s trading session.

    At last check, the penny stock of Soligenix was trading 27.27% higher at $0.0560, with volume up from daily average of 2.79 million to 6.31 million. Despite the gains in today’s trading Soligenix shares are still down almost 80% since last Thursday’s huge sell-off.

    Last Thursday, the penny stock finished 79.25% lower after an independent Data Safety Monitoring Board (DSMB) recommended that the company stop phase III clinical trial of orBec®, an oral formulation. The DSMB said that the study should be stopped as it is not likely to achieve the predetermined primary objective of efficacy based on interim results.

    Christopher J. Schaber, president and CEO of Soligenix, said last week that the company is disappointed with the outcome of the DSMB’s review and that over the coming weeks, it will be analyzing the data. Schaber, however, noted that with approximately $7.4 million of cash, the company can continue to evaluate the other clinical applications for oral BDP in the areas of radiation enteritis, radiation injury and Crohn’s disease.

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