Soligenix Raises $7.5mln in Public Offering, Stock Up 27% in Pre-market

Soligenix, a biopharmaceutical company, has priced a public offering of 5.6 million shares of stock and warrants to purchase up to 5.6 million shares at $1.35 per share. The net proceeds are expected to be around $7.5 million, which will be used for research and development, commercialization, working capital, and general corporate purposes. The stock is up 27% in pre-market trading.

Soligenix, Inc. (SNGX), a late-stage biopharmaceutical company, has priced a public offering with the purchase and sale of 5,555,560 shares of stock and warrants to purchase up to 5,555,560 shares of stock at a combined purchase price of $1.35 per share and accompanying warrant Soligenix Prices 7.5 Mln Public Offering At $1.35/shr; Stock Up In Pre-market^[1]. The offering is expected to begin around September 29 and is aimed at utilizing the funds for research and development, commercialization activities, working capital, and general corporate purposes.

The net proceeds from the offering are expected to be around $7.5 million. The company's existing warrants to purchase an aggregate of 1,162,064 shares of stock will be amended such that the exercise price of these warrants will be reduced to $1.35 per share and will expire commensurate with the warrants sold in the offering.

In pre-market trading, Soligenix's stock is up 27.1605% at $1.1800 on the Nasdaq Soligenix Announces Pricing of $7.5 Million Public Offering^[2].