A Take­da-backed GI and pain biotech qui­et­ly shut­ters

A biotech aim­ing to treat var­i­ous gas­troin­testi­nal ail­ments, as well as de­vel­op a non-opi­ate pain med, qui­et­ly shut down last year af­ter fail­ing to find a buy­er.

Or­phoMed’s for­mer CEO and pres­i­dent Gary Phillips con­firmed to End­points News the San Fran­cis­co biotech closed shop. He joined Basel-based, IL-2 biotech Anaveon as chief busi­ness of­fi­cer in the sec­ond half of 2022.

“Al­though we had pos­i­tive re­sults in our Phase II tri­al, we were un­able to so­lic­it a high enough bid from a strate­gic to trans­act. There­fore, the as­sets were as­signed to a firm to be sold in a struc­tured auc­tion process, and the com­pa­ny was wound down,” Phillips said when asked about Or­phoMed’s sta­tus.

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