Intel stock spikes after report of possible US government stake
Investing.com -- Shares of Soligenix (NASDAQ:SNGX) climbed 2.9% following the company’s announcement of promising results for its skin cancer treatment, HyBryteTM, in treating cutaneous T-cell lymphoma (CTCL). The company reported that 75% of patients experienced significant improvement after just 18 weeks of treatment.
Soligenix’s recent press release highlighted the efficacy of its flagship product candidate, HyBryteTM, in real-world testing. Out of the eight patients evaluated, six saw major improvements in their skin lesions, with three achieving a complete response. For those who completed the full 54-week treatment, the average improvement was reported to be 85%.
The company’s treatment distinguishes itself from many current therapies by showing faster results, typically at 18 weeks, and a safer profile. HyBryteTM utilizes visible light instead of harmful UV radiation, which reduces the risk of causing new cancers—a prevalent issue with existing treatments.
The U.S. Food and Drug Administration (FDA) has also shown support for the potential of HyBryteTM by funding the study with a $2.6 million grant through their Orphan Products Development program. Dr. Ellen Kim of the University of Pennsylvania, leading the study, has expressed optimism about the consistent results and the safety profile demonstrated across multiple clinical trials.
Investors are now eyeing several potential catalysts for Soligenix, including the ongoing enrollment for the confirmatory Phase 3 FLASH2 trial and the continued support for HyBryte as potentially the first safe, front-line treatment for CTCL. Additionally, there is the possibility of expanding the therapy into home use, which would offer greater convenience for patients.
The market opportunity for HyBryte is noteworthy, given the rarity of CTCL. According to the Cutaneous Lymphoma Foundation, around 3,000 new cases are diagnosed annually in the U.S., with an estimated 20,000-30,000 people living with this chronic, incurable disease. With a similar patient population in Europe and limited effective treatment options, HyBryte could secure a significant market share if approved.
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