SNGX - Soligenix announces $20M strategic convertible debt financing agreement

Soligenix ([[SNGX]] +7.3%) has entered into a $20M convertible debt financing agreement with Pontifax Medison Debt Financing, the healthcare-dedicated venture and debt fund of the Pontifax life science funds.Soligenix to have access to up to $20M in convertible debt financing in three tranches. Soligenix accessed the first tranche of $10M, and has the option to draw the second tranche of $5M at any time over the next 12 months and the third tranche of $5M upon filing of the SGX301 new drug application.Pontifax can convert the outstanding loan drawn under the first two tranches into shares of Soligenix's, at a conversion price of $4.10/share; and Soligenix also has the ability to force the conversion of the loan into shares of its common stock at a conversion price of $4.92/share."The access to less dilutive capital provided by this facility is designed to increase our financial flexibility as we continue to advance

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Soligenix announces $20M strategic convertible debt financing agreement