Why Is Penny Stock Soligenix Trading Higher On Monday?
Portfolio Pulse from Vandana Singh
Soligenix Inc (NASDAQ:SNGX) saw its stock price surge by 37.2% to $0.53 after receiving FDA orphan drug designation for MarVax, its vaccine candidate for Marburg Virus Disease. This designation offers seven years of market exclusivity upon FDA approval, along with financial and regulatory benefits such as government grants, FDA fee waivers, and tax credits. This follows a recent FDA orphan drug status granted to another of Soligenix's vaccines, SuVax, for Sudan ebolavirus.
April 15, 2024 | 5:55 pm
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Soligenix Inc's stock surged after receiving FDA orphan drug designation for MarVax, its Marburg Virus vaccine, indicating strong regulatory progress and potential market exclusivity benefits.
The FDA orphan drug designation is a significant regulatory milestone that not only validates the potential of Soligenix's MarVax vaccine but also provides numerous financial and regulatory advantages. These benefits, including market exclusivity, government grants, and fee waivers, are likely to positively impact the company's financial position and its ability to bring MarVax to market. The recent surge in stock price reflects investor optimism about these developments and their potential to enhance Soligenix's market position and profitability.
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