Another Flagship-founded biotech shutters as Axcella liquidates, ending long Covid plans
Another Flagship Pioneering-founded biotech will shutter, as 12-year-old Axcella disclosed that its stockholders overwhelmingly approved its dissolution and liquidation on Monday, per an SEC filing.
The move comes as little surprise as the Boston-area biotech let go of nearly all employees and sought strategic alternatives 12 months ago. In January of 2023, Axcella had still tried to move forward with late-stage testing of a treatment candidate for long Covid, which had failed an earlier trial and was previously investigated for the fatty liver disease known as nonalcoholic steatohepatitis, or NASH. But to push forward, it would need funding and external help, which never came its way.
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