Soligenix Announces Adjournment of Annual Meeting and Information for Reconvened Meeting
Soligenix, Inc. (Nasdaq: SNGX) has further adjourned its 2022 Annual Meeting of Stockholders to November 17, 2022, at 9:00 a.m. Eastern Time, focusing on Proposal 2 regarding the authorized share increase. Support for this proposal has surpassed 80% of votes cast, but requires over 50% of total outstanding shares for approval. Stockholders record date is July 25, 2022. Soligenix is advancing toward filing a new drug application for its product HyBryte™ in Q4, considering additional shares necessary for talent acquisition and future financing.
- Support for Proposal 2 has exceeded 80% of votes cast.
- Moving towards filing a new drug application for HyBryte™ in Q4.
- Proposal 2 requires over 50% approval from total outstanding shares, risking potential rejection.
- Meeting adjourned to November 17, 2022, at 9:00 a.m., Eastern Time
- Soligenix encourages all stockholders as of record July 25, 2022, who have not yet voted, to vote by 11:59 p.m., Eastern Time on November 16, 2022
PRINCETON, N.J., Oct. 20, 2022 /PRNewswire/ -- Soligenix, Inc. (Nasdaq: SNGX) (Soligenix or the Company), a late-stage biopharmaceutical company focused on developing and commercializing products to treat rare diseases where there is an unmet medical need, announced today that its 2022 Annual Meeting of Stockholders (the "Annual Meeting") has been further adjourned with respect to Proposal 2 (the authorized share increase), as described in the Company's definitive proxy statement filed with the U.S. Securities and Exchange Commission (the "SEC") on August 5, 2022 (the "Proxy Statement").
The Annual Meeting will reconvene solely with respect to Proposal 2 on November 17, 2022 at 9:00 a.m. Eastern Time and will continue to be held virtually via live audio-only webcast at www.virtualshareholdermeeting.com/sngx2022.
Support for Proposal 2 has exceeded
The record date for determination of stockholders entitled to vote at the reconvened Annual Meeting remains the close of business on July 25, 2022. Any proxies previously submitted with respect to Proposal 2 will continue to be counted, unless properly revoked. Stockholders that have previously voted need not submit a new proxy for their votes to be counted.
Stockholders as of close of business on July 25, 2022, who have not yet voted, are encouraged to vote as soon as possible via the Internet at http://www.proxyvote.com. Stockholders who need assistance voting or have questions may contact the Company's proxy solicitation firm, Alliance Advisors, LLC, at 1-833-782-7145 or SNGX@allianceadvisors.com.
As the Company moves toward filing a new drug application for HyBryte™ in the fourth quarter, the Company's Board of Directors believes that the approval of Proposal 2 is in the best interest of the Company's stockholders and is critical to continue to operate the business efficiently. The availability of additional authorized shares of common stock is required for several reasons, including for equity awards to attract quality personnel to assist with the commercial launch of HyBryte™, acquisitions, investment opportunities, future financings, or distributions and stock splits (including splits effected through the declaration of stock dividends).
Important Information
This material may be deemed to be solicitation material in respect of the Annual Meeting to be reconvened and held on November 17, 2022. In connection with the Annual Meeting, the Company filed the Proxy Statement with the SEC on August 5, 2022. BEFORE MAKING ANY VOTING DECISIONS, STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE ANNUAL MEETING. The Proxy Statement was made available to shareholders who are entitled to vote at the Annual Meeting. No changes have been made in the proposals to be voted on by stockholders at the Annual Meeting. The Proxy Statement and any other materials filed by the Company with the SEC can be obtained free of charge at the SEC's website at sec.gov or the Company's website https://ir.soligenix.com/sec-filings.
About Soligenix, Inc.
Soligenix is a late-stage biopharmaceutical company focused on developing and commercializing products to treat rare diseases where there is an unmet medical need. Our Specialized BioTherapeutics business segment is developing and moving toward potential commercialization of HyBryte™ (SGX301 or synthetic hypericin) as a novel photodynamic therapy utilizing safe visible light for the treatment of cutaneous T-cell lymphoma (CTCL). With a successful Phase 3 study completed, regulatory approval is being sought and commercialization activities for this product candidate are being advanced initially in the U.S. Development programs in this business segment also include expansion of synthetic hypericin (SGX302) into psoriasis, our first-in-class innate defense regulator (IDR) technology, dusquetide (SGX942) for the treatment of inflammatory diseases, including oral mucositis in head and neck cancer, and proprietary formulations of oral beclomethasone 17,21-dipropionate (BDP) for the prevention/treatment of gastrointestinal (GI) disorders characterized by severe inflammation including pediatric Crohn's disease (SGX203).
Our Public Health Solutions business segment includes active development programs for RiVax®, our ricin toxin vaccine candidate, and SGX943, our therapeutic candidate for antibiotic resistant and emerging infectious disease, and our vaccine programs targeting filoviruses (such as Marburg and Ebola) and CiVax™, our vaccine candidate for the prevention of COVID-19 (caused by SARS-CoV-2). The development of our vaccine programs incorporates the use of our proprietary heat stabilization platform technology, known as ThermoVax®. To date, this business segment has been supported with government grant and contract funding from the National Institute of Allergy and Infectious Diseases (NIAID), the Defense Threat Reduction Agency (DTRA) and the Biomedical Advanced Research and Development Authority (BARDA).
For further information regarding Soligenix, Inc., please visit the Company's website at https://www.soligenix.com and follow us on LinkedIn and Twitter at @Soligenix_Inc.
This press release may contain forward-looking statements that reflect Soligenix, Inc.'s current expectations about its future results, performance, prospects and opportunities, including but not limited to, potential market sizes, patient populations and clinical trial enrollment. Statements that are not historical facts, such as "anticipates," "estimates," "believes," "hopes," "intends," "plans," "expects," "goal," "may," "suggest," "will," "potential," or similar expressions, are forward-looking statements. These statements are subject to a number of risks, uncertainties and other factors that could cause actual events or results in future periods to differ materially from what is expressed in, or implied by, these statements, such as experienced with the COVID-19 outbreak. Soligenix cannot assure you that it will be able to successfully develop, achieve regulatory approval for or commercialize products based on its technologies, particularly in light of the significant uncertainty inherent in developing therapeutics and vaccines against bioterror threats, conducting preclinical and clinical trials of therapeutics and vaccines, obtaining regulatory approvals and manufacturing therapeutics and vaccines, that product development and commercialization efforts will not be reduced or discontinued due to difficulties or delays in clinical trials or due to lack of progress or positive results from research and development efforts, that it will be able to successfully obtain any further funding to support product development and commercialization efforts, including grants and awards, maintain its existing grants which are subject to performance requirements, enter into any biodefense procurement contracts with the U.S. Government or other countries, that it will be able to compete with larger and better financed competitors in the biotechnology industry, that changes in health care practice, third party reimbursement limitations and Federal and/or state health care reform initiatives will not negatively affect its business, or that the U.S. Congress may not pass any legislation that would provide additional funding for the Project BioShield program. In addition, there can be no assurance as to the timing or success of any of its clinical/preclinical trials. Despite the statistically significant result achieved in the HyBryte™ (SGX301) Phase 3 clinical trial for the treatment of cutaneous T-cell lymphoma, there can be no assurance that a marketing authorization from the FDA or EMA will be successful. Notwithstanding the result in the HyBryte™ (SGX301) Phase 3 clinical trial for the treatment of cutaneous T-cell lymphoma and the Phase 1/2 proof-of-concept clinical trial of SGX302 for the treatment of psoriasis, there can be no assurance as to the timing or success of the clinical trials of SGX302 for the treatment of psoriasis. Further, there can be no assurance that RiVax® will qualify for a biodefense Priority Review Voucher (PRV) or that the prior sales of PRVs will be indicative of any potential sales price for a PRV for RiVax®. Also, no assurance can be provided that the Company will receive or continue to receive non-dilutive government funding from grants and contracts that have been or may be awarded or for which the Company will apply in the future. These and other risk factors are described from time to time in filings with the Securities and Exchange Commission, including, but not limited to, Soligenix's reports on Forms 10-Q and 10-K. Unless required by law, Soligenix assumes no obligation to update or revise any forward-looking statements as a result of new information or future events.
View original content:https://www.prnewswire.com/news-releases/soligenix-announces-adjournment-of-annual-meeting-and-information-for-reconvened-meeting-301654564.html
SOURCE Soligenix, Inc.
FAQ
What is the date of Soligenix's reconvened Annual Meeting for Proposal 2?
What percentage of votes is needed for Proposal 2 to pass?
What is the stock symbol for Soligenix?
What is Proposal 2 regarding in Soligenix's Annual Meeting?
Why does Soligenix need to increase authorized shares?
