Soligenix, Inc. (NASDAQ: SNGX) is having an incredibly strong start to the trading session this morning, and for good reason. The company announced that it has reached a key milestone with regard to a late-stage clinical development program.
As you could imagine, the news excited investors, pushing the stock on a run for the top. Today, we’ll talk about:
- The milestone;
- what we’re seeing from SNGX stock as a result; and
- what we’ll be watching for ahead.
SNGX Stock Climbs On Milestone News
As mentioned above, Soligenix is having a great start to the trading session this morning after announcing milestone news. The announcement came by way of press release early this morning.
In the release, the company said that it has reached a significant milestone in the Phase 3 clinical study for SGX942. The drug is being developed as a potential treatment of mucositis in patients with head and neck cancer.
SNGX said that patient enrollment sufficient to support the planned interim efficacy analysis by the independent data monitoring committee (DMC), has been achieved. Along the lines of clinical protocol, 90 subjects have been enrolled into the study.
In the coming weeks, subjects that are enrolled will have their protocol assessment completed at participating study centers. The assessment will include the primary endpoint assessment.
In a statement, Christopher J. Schaber, PhD, President and CEO at SNGX, had the following to offer:
Completing the required enrollment to support the DMC interim analysis is a significant milestone for the SGX942 program. We must now wait for the last enrolled subject to reach the study’s primary endpoint measure, which will occur up to 16 weeks after entering the study. During this time, we will continue enrolling patients from the US and Europe into the trial, while looking forward to receiving the formal DMC recommendation in the September timeframe.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to work in the market is that the news leads to moves. When it comes to Soligenix, the news proved to be overwhelmingly positive.
After all, the enrollment milestone brings the company one step closer to the interim analysis, an event that will likely prove to be a catalystic one. Moreover, this brings the company one step closer to the potential approval of the treatment.
Considering this, it’s not surprising to see that excited investors are pushing the stock for the top. As is just about always the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:22), SNGX is trading at $0.95 per share after a gain of $0.12 per share or 14.58% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on SNGX. In particular, we’re interested in following the story surrounding the company’s continued work to bring SGX942 to market as the process will likely lead to several catalysts ahead. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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