Soligenix, Inc. is a late-stage biopharmaceutical company developing products to treat life-threatening side effects of cancer treatments and serious gastrointestinal diseases, in addition to vaccines for certain bioterrorism agents.
The company announced today the expansion and amendment of its North American licensing partnership with Sigma-Tau Pharmaceuticals for the development and commercialization of its lead product orBec (oral beclomethasone dipropionate or Oral BDP) into the European market. Its orBec product is a potent, locally acting corticosteroid being developed for the treatment of acute gastrointestinal Graft-versus-Host-disease (GI GVHD), common and potentially life-threatening complication of hematopoietic cell transplantation.
As part of the amended agreement, Sigma-Tau has made a $5 million upfront payment to Soligenix. In addition, it will make additional payments to Soligenix totaling $11 million, subject to the achievement of certain milestones. The first milestone, a $2 million payment, will be made upon the successful completion of the confirmatory Phase 3 clinical trial of orBec.
Sigma-Tau will also pay Soligenix a 40% royalty on net sales pursuant to which Soligenix will supply the drug while maintaining worldwide manufacturing rights. Additionally, all commercialization expense for expansion into Europe, including launch expenses, will be borne by Sigma-Tau. This will occur once orBec is approved for sales in Europe, which is expected shortly.
For further information on Soligenix and its orBec drug, visit the company’s website at www.soligenix.com
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