Why Penny Stock Soligenix is Higher on Monday?

This Monday.Soligenix Corporation(NASDAQ Resonance: SNGX) received U.S. Food and Drug Administration (FDA) orphan drug approval for the active ingredient in its MarVax vaccine, a re-expressed Marburg virus (MARV) glycoprotein subunit protein vaccine for the prevention of Marburg virus infection and post-exposure prophylaxis.

In addition to providing seven years of market exclusivity upon final FDA approval, orphan drug designation allows Soligenix to take advantage of a wide range of financial and regulatory benefits, including government grants to initiate clinical trials, exemption from costly FDA royalties that may be associated with the filing of a Biologics License Application (BLA), and certain tax credits.

The Marburg virus causes Marburg virus disease, a disease highly associated with the more common Ebola virus disease.

Although the number of MARV outbreaks has decreased, it is still highly lethal and represents a significant risk for the African continent, with the most recent outbreak occurring in 2023. There is no approved vaccine for MARV, and the only approved vaccine for filovirus-like illnesses is for紥伊爾伊波拉病毒.

Just last week, the U.S. Food and Drug Administration (FDA) granted Soligenix "orphan drug" status for the active ingredient in SuVax, a re-expressed glycoprotein subunit protein vaccine against the Sudan ebolavirus (SUDV), for prophylaxis and post-exposure prophylaxis against SUDV infection.

Price Trend: On Monday, SNGX shares were up 37.2% at $0.53.

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This article originally appeared on Benzinga.com.

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