Shares of biopharmaceutical company Soligenix (NASDAQ:SNGX) are up in triple digits at the time of publishing today after the company announced promising results from a study evaluating HyBryte (a photodynamic therapy) for the treatment of cutaneous T-cell lymphoma (CTCL) with the use of Daavlin Series 7 visible light device.
The study was aimed at assessing the use of a visible light device in conjunction with HyBryte. The study met these objectives while also demonstrating a 36.4% average improvement in trial subjects’ cumulative CAILS scores.
Further, 25.9% of the lesions indicated an improvement of at least 50% in their CAILS scores. Importantly the data reinforces results from the previous Phase 3 FLASH study. HyBryte has already received an orphan drug designation as well as a fast-track designation in the U.S. It has also received an orphan drug designation in Europe as well.
Despite today’s price gains, shares of the company are still down 82.3% over the past year. At the same time, short interest in the stock remains elevated at about 5.2% at present.
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