Synlogic slumps on discontinuing trial for metabolism disorder therapy

Synlogic

08/02/2024 22:42

** Synlogic's  SYBX.O  shares down 55.4% at $1.54 in
extended trading
    ** Co says it will end a late-stage trial on its
experimental therapy for phenylketonuria after internal review
showed it was unlikely to meet its main goal
    ** SYBX plans to conduct a strategic review to explore
acquistions, mergers, dissolutions or sale of assets among other
alternatives
    ** Drug developer says it will cease operations and cut its
workforce by more than 90%, only retaining those assisting in
the strategic review and in the study discontinuation
    ** Co's CEO Aoife Brennan will step down in the process 
    ** Phenylketonuria is an inherited metabolism disorder that
increases blood levels of phenylalanine and can lead to
intellectual disabilties, organ damage and unusual posture 
    ** Co had 72 full-time employees as of Mar 22, 2023 and says
majority of impacted roles will end in Feb 2024.
    ** Stock fell 66.23% in 2023

 (Reporting by Puyaan Singh)
 ((Puyaan.Singh@thomsonreuters.com;))