Soligenix (NASDAQ: SNGX), a late-stage biopharmaceutical company targeting rare diseases, was spotlighted last week in a report from Alliance Global Partners (“AGP”), which maintained its Buy rating for Soligenix and raised SNGX’s price target to $10 per share. According to the report, the increase was based on the increasing valuation of HyBryte(TM) for the treatment of early-stage cutaneous T cell lymphoma (“CTCL”) and new estimated valuation for Soligenix’s SGX945, a treatment for Behçet’s disease.
According to the report, SNGX’s phase 3 FLASH2 trial is on track to have topline results announced next year. AGP noted that in December 2024, Soligenix initiated the confirmatory, randomized, double-blind, placebo-controlled, multicenter phase 3 FLASH2 clinical trial of HyBryte in CTCL patients. The FLASH2 study is continuing the research from the initial phase 3 FLASH trial, with the main difference being a longer treatment duration of 18 weeks; the initial FLASH clinical trial had a six-week treatment duration.
In addition, the report stated that Soligenix had recently reported compelling data from its open-label phase 2a study of aphthous ulcers in Behçet’s disease. AGP noted that the study had achieved the study objective of demonstrating biological efficacy and that SGX945 showed outcomes similar to (if not superior to) Amgen’s Otezla(R) (apremilast) in decreasing
oral ulcers at 4 weeks (Otezla’s Behçet’s approval endpoint), with the effect continuing
through weeks 5–8 even with SGX945 dosing stopping at the 4th week.
“We value SNGX at $10/share based primarily on our expectations for HyBryte (“SGX301”) launch in 2028 and subsequent sales growth through 2036,” the report stated. “We project a 2028 launch of HyBryte with U.S. sales of $75M by 2035 and with ROW sales of $50M by 2036, with a 3x sales multiple discounted back 9 and 10 years, respectively, at 20% for our $6/share valuation for this program.
“We project dusquetide (“SGX945”) for oral/genital ulcers associated with Behçet’s disease could reach $50M in sales by 2035, which we discount back 9 years at 25% for our $3/share valuation,” the report continued. “We estimate that SNGX can ultimately secure a U.S. government contract to produce RiVax(R) for the Strategic National Stockpile valued at $25M by 2035, to which we apply a 2x multiple (based on competitive valuations of vaccine companies supplying the USG) discounted 9 years at 30% for a $0.50/share valuation. We value cash (end-’26E) and technology value at $0.50/share for our $10/share valuation.”
To view the full report, visit: https://ibn.fm/6zX9x.
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. Its Specialized BioTherapeutics business segment is developing and moving toward potential commercialization of HyBryte(TM) (“SGX301” or synthetic hypericin) as a novel photodynamic therapy utilizing safe visible light for the treatment of cutaneous T-cell lymphoma (“CTCL”). With successful completion of the second phase 3 study, regulatory approvals will be sought to support potential commercialization worldwide. Development programs in this business segment also include expansion of synthetic hypericin (“SGX302”) into psoriasis, the company’s 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 (“SGX945”) in Behçet’s disease.
The company’s Public Health Solutions business segment includes development programs for RiVax(R), its ricin toxin vaccine candidate, as well as its vaccine programs targeting filoviruses (such as Marburg and Ebola) and CiVax(TM), the company’s vaccine candidate for the prevention of COVID-19 (caused by SARS-CoV-2). The development of Soligenix’s vaccine programs incorporates the use of its proprietary heat stabilization platform technology, known as ThermoVax(R). To date, this business segment has been supported with government grants 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, visit the company’s website at www.Soligenix.com.
NOTE TO INVESTORS: The latest news and updates relating to SNGX are available in the company’s newsroom at https://ibn.fm/SNGX
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