Hexima at record low on discontinuing fungal nail infection treatment

Hexima

11/07/2022 02:13

** Shares of Hexima Ltd  HXL.AX  fall as much as 38.5% to
A$0.02 — a record low
    ** The biotech firm, in its phase-II results, says it
intends to wind down development program of its fungal nail
infection treatment in an orderly fashion
    ** Adds it will make no further significant investment in
the program
    ** HXL also says it initiated a process of exploring
strategic options seeking to secure value for its intellectual
property and residual cash resources
    ** Shares had tumbled ~84% on June 24, when co announced
inconclusive trial clinical results for the treatment
    ** Shares are down ~96% so far this year

 (Reporting by Indranil Sarkar in Bengaluru)
 ((Indranil.Sarkar@thomsonreuters.com;))