SOLIGENIX, INC. — Director's Dealing 2012

Dec 21, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SOLIGENIX, INC. (SNGX)
CIK: 0000812796
Period of Report: 2012-12-20

Reporting Person: CAVAZZA PAOLO (10% Owner)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-12-20	Common Stock Warrant (warrant to buy)	$5.60	J	1	Disposed	2014-09-27	Common Stock (98813)	Indirect
2012-12-20	Common Stock Warrant (warrant to buy)	$5.60	J	1	Disposed	2015-06-18	Common Stock (258256)	Indirect
2012-12-20	Common Stock Warrant (warrant to buy)	$0.53	J	1	Acquired	2017-12-19	Common Stock (357069)	Indirect
2012-12-20	Common Stock Warrant (warrant to buy)	$5.60	J	1	Disposed	2015-06-18	Common Stock (87804)	Indirect
2012-12-20	Common Stock Warrant (warrant to buy)	$0.53	J	1	Acquired	2017-12-19	Common Stock (87804)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2711392	Indirect
Common Stock	164146	Indirect
Common Stock	59539	Direct

Footnotes

F1: On February 1, 2012, the Issuer completed a reverse stock split of its issued and outstanding shares of common stock at a ratio of 1-for-20, whereby every 20 shares of its common stock was exchanged for one share of its common stock (the "Reverse Stock Split"). These shares were previously reported but the numbers have been changed to reflect the Reverse Stock Split.

F2: Directly owned by Sigma-Tau Pharmaceuticals, Inc. ("Pharmaceuticals"). Pharmaceuticals is a direct wholly-owned subsidiary of Sigma-Tau America S.A. ("America"). America is a direct wholly-owned subsidiary of Sigma-Tau International S.A. ("International"). International is a direct wholly-owned subsidiary of Sigma-Tau Finanziaria S.p.A. ("Sigma Tau"). Paolo Cavazza directly and indirectly owns 38% of Sigma Tau.

F3: Directly owned by Sinaf S.A. (formerly Chaumiere Sarl), which is an indirect wholly owned subsidiary of Aptafin S.p.A. ("Aptafin"). Aptafin is owned by Paolo Cavazza and members of his family.

F4: The exercise prices that were previously reported have been adjusted to reflect the Reverse Stock Split.

F5: These three reported transactions involved the issuance by the Issuer to Pharmaceuticals of a new warrant in exchange for the surrender by Pharmaceuticals of outstanding warrants.

F6: The expiration date of the warrant may be accelerated at the Issuer's option if the Issuer's common stock meets certain price thresholds and the common shares underlying the warrant are registered for resale pursuant to an effective registration statement or are freely transferable without volume limitations pursuant to Rule 144 under the Securities Act of 1933, as amended.

F7: These two reported transactions involved the issuance by the Issuer to Sinaf S.A. of a new warrant in exchange for the surrender by Sinaf of an outstanding warrant.