Sio Gene Therapies down on scrapping Parkinson's drug development, CEO exit

Sio Gene Therapies

31/01/2022 22:33

(Updates)
    ** Shares of drug developer  SIOX.O  fall 8.5% to $1.07 in
extended trading
    ** SIOX to stop development of its gene therapy for
Parkinson's disease, AXO-Lenti-PD, returning global rights for
the drug to Oxford Biomedica Plc  OXB.L   urn:newsml:reuters.com:*:nGNX8ykrzC
    ** Co also appoints current chief financial officer David
Nassif as interim CEO, following resignation of top boss Pavan
Cheruvu, who is leaving the company to pursue new opportunities
    ** SIOX intends to terminate the licensing agreement with
Oxford Biomedica, which was originally signed in 2018, and
prioritize the development of its lead gene therapy candidates
for metabolic disorders GM1 and GM2 gangliosidosis
    ** The portfolio prioritization extends SIOX's estimated
cash runway into second half of 2023 - co
    ** Co to report Q3 2021 results on Feb 11
    ** Stock fell 53.4% in 2021

 (Reporting by Amruta Khandekar)
 ((Amruta.Khandekar@thomsonreuters.com;))