Soligenix (NASDAQ:SNGX) stock is on the rise Thursday after the company got approval from the U.S. Food and Drug Administration for a Phase 2a clinical trial of SGX945.
According to a press release from Soligenix, this clinical trial covers the safety and efficacy of SGX945 as a potential treatment for aphthous ulcers in Behçet’s Disease. The study is set to start in the second half of 2024 and will include 25 patients ages 18 and older with active oral and/or genital ulcers.
Christopher Schaber, President and CEO of Soligenix, said the following about the FDA approval:
“Given the role of the innate immune system in ulcers associated with Behçet’s Disease, and the unmet medical need particularly for more severe ulcers such as genital and leg ulcers, we believe that dusquetide may offer significant relief to patients.”
What This Means for SNGX Stock
Investors are excited about this latest clinical trial news, as it puts Soligenix one step closer to commercializing SGX945. If results come in positive, it could result in another boost to the price of SNGX stock.
SNGX stock is up 285.2% as of Thursday morning with more than 36 million shares changing hands. That’s a massive leap in trading volume over its daily average of about 67,000 shares.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
