'Do the right thing': Billionaire pushes struggling biotech to return cash to investors
With a record number of biotechs now trading below cash amid a brutal public market downturn, many have sought ways to extend the cash runway — shuttering programs, laying off employees, or even raising money by selling shares at a discounted price — and stay afloat.
In the case of Sensei Biotherapeutics, though, an investor believes the right thing to do would be to reduce the cash runway.
Christian Angermayer, a German billionaire who holds an 11% stake in Sensei through his family office Apeiron Investment Group, is unequivocal in an open letter:
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