November 5, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Soligenix, Inc. (OTCBB: SNGX), a late-stage biopharmaceutical company, said that it has been awarded a cash grant totaling $244,479 under the U.S. Internal Revenue Service's Qualifying Therapeutic Discovery Project program.

The awards are intended for projects designed to treat or prevent diseases by conducting studies for the purpose of securing approval from the U.S. Food and Drug Administration.

Under the recently enacted Patient Protection and Affordable Care Act of 2010, cash grants were awarded to qualified research and development projects that showed significant potential in producing new and cost-saving therapies, support job growth, and increase U.S. competitiveness.

Grants were awarded through a competitive application process, and Soligenix's confirmatory Phase 3 orBec program for the treatment of acute gastrointestinal graft-versus-host disease qualified for an award.  

"We are pleased to have been awarded this grant, and believe it is a positive reflection on the value of the confirmatory Phase 3 orBec® clinical trial in acute GI GVHD which is currently underway," stated Christopher J. Schaber, PhD, President and CEO of Soligenix. "This grant represents non-dilutive financing and therefore has a positive impact on our balance sheet."

The Internal Revenue Service issued the QTDP awards and will administer the program pursuant to section 48D of the Internal Revenue Code. The QTDP program is designed to provide grants or tax credits to qualified biotechnology companies with fewer than 250 employees.

New Jersey-based Soligenix develops products to treat life-threatening side effects of cancer treatments and serious gastrointestinal diseases, and vaccines for certain bioterrorism agents.

Through its Biodefense Division, Soligenix is developing biomedical countermeasures pursuant to the Project BioShield Act of 2004.

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