Soligenix, Inc. (NASDAQ:SNGX) shares are trending on Wednesday.
SNGX shares surged 72.32% to $0.88 in after-hours trading Tuesday following the biotech’s announcement that its ThermoVax platform can rapidly develop a Bundibugyo virus vaccine, addressing a World Health Organization-declared Ebola outbreak emergency.
Soligenix made this announcement on Tuesday addressing an urgent outbreak declared a Public Health Emergency of International Concern.
Critical Vaccine Gap Drives Catalyst
The Democratic Republic of Congo outbreak has reported numerous suspected cases and deaths in May. Earlier, WHO Africa regional director warned the outbreak poses serious cross-border transmission risk, with two confirmed cases already spreading into neighboring Uganda.
No approved vaccines exist for Bundibugyo virus, Sudan virus, or Marburg virus, creating immediate demand for rapid vaccine deployment.
Christopher J. Schaber, President and Chief Executive Officer of Soligenix, said, “Our ThermoVax® platform has successfully thermostabilized vaccines for ricin toxin, filoviruses such as Ebola, Sudan and Marburg, and for COVID. The ability to induce rapid broad immune coverage makes protein subunit vaccines competitive with other technologies requiring stringent cold-chain storage.”
According to Dr. Axel Lehrer, Professor at the University of Hawaiʻi at Mānoa who collaborated with Soligenix on vaccine development, the filovirus vaccines demonstrated 100% protection in non-human primates and remain thermostable for at least two years at 40°C (104°F) for storage and distribution in endemic African regions and national stockpiles.
What You Should Know
Soligenix also holds Food and Drug Administration Orphan Drug Designations for Sudan and Marburg orthoeoboviruses, providing seven-year market exclusivity, federal grants for clinical trials, and waiver of FDA user fees upon Biologics License Application submission.
Trading Metrics, Technical Analysis
Soligenix has a market capitalization of $7.61 million. The stock has traded between a 52-week high of $6.23 and a 52-week low of $0.28.
The stock has a Relative Strength Index (RSI) of 45.36.
Over the past 12 months, SNGX has dropped 73.14%.
The small-cap stock is currently trading near its 52-week low.
Price Action: According to Benzinga Pro data, the stock of the New Jersey-based biopharmaceutical company closed the regular session at $0.51, up 31.50%.
Benzinga’s Edge Stock Rankings indicate SNGX stock has a negative price trend across all time frames.
Image via Shutterstock/ Motortion Films
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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