Kaleido Biosciences crashes as it prepares to shut shop
08/04/2022 16:21
** Drug developer's shares KLDO.O plunge ~75% to 28 cents,
their lowest ever, as the company says its board has voted to
wind down immediately and cease all operations
** Company's shares top decliner on Nasdaq composite index
.IXIC
** KLDO to voluntarily delist from Nasdaq and fire all
employees after company says its strategic process failed to
result in any transactions
** Company stopped a mid-stage trial of its ureacycle
disorder drug in October last year, attributing it to COVID-19
disruptions
** KLDO announced positive data from an oral COVID-19 drug
in March last year, and then subsequently received a warning
letter from the FDA in September for failing to file an
application for the same study urn:newsml:reuters.com:*:nFWN2Q50CQ
** Stock has lost over 95% of its value in the past 12
months
(Reporting by Manas Mishra)
((Manas.Mishra@thomsonreuters.com;
www.twitter.com/Manaswrites15))