Soligenix Stock Soars Nearly 250% Premarket with Positive CTCL Clinical Study News
Soligenix (NASDAQ: SNGX) saw its stock price rise by more than 247% to $4.93 premarket on the heels of positive news from its clinical study evaluating HyBryte™ for the treatment of cutaneous T-cell lymphoma (CTCL). The late-stage biopharma reported data from a compatibility study that used the Daavlin Series 7 visible light device, which recently received 501(k) clearance from the FDA.
HyBryte may become a first-in-class treatment for CTCL, a rare form of non-Hodgkin’s lymphoma which impacts the immune system and leads to scaling, itching, lesions and even tumors. CTCL affects about 40,000 patients worldwide and has no cure; median survival drops to only 2.5 years when the disease is in a more advanced stage. There is currently no FDA-approved first line therapy for CTCL and there is a high risk of serious side effects with current therapies, driving the need for a commercially available therapy.
More positive results
The recent open-label study enrolled nine patients who received eight weeks of HyBryte treatment for cancerous lesions. The subjects were enrolled at the Rochester Skin Lymphoma Medical Group, which reported ongoing interest from patients with CTCL. All patients noted improvement in their cumulative Composite Assessment of Index Lesion Severity (CAILS) scores, with average improvement exceeding 36%.
The latest results reinforce positive HyBryte data from the company’s successful Phase 3 FLASH study, which was published in JAMA Dermatology.
Investors are taking note
The global CTCL market was estimated at $1.6 billion in 2021 and is expected to grow to about $3.5 billion by 2030 with a compounded annual growth rate nearing 10 percent. As Soligenix reports a significant U.S. target market, global partnerships, and mounting interest from CTCL patients and their families, investors and researchers alike continue to follow these positive developments closely.
