Bear mar­ket mauls an­oth­er small biotech as CEO, board mem­bers ex­it and ex­ecs bring out the axe, hunt deals

The bear mar­ket is con­tin­u­ing to maul the biotech world as a small Dan­ish biotech com­pa­ny spe­cial­iz­ing in rare CNS dis­eases is bring­ing out the bud­get axe, chop­ping its work­force in the US and re­or­ga­niz­ing the pipeline as it runs low on cash. And with the lead pro­gram al­ready in lim­bo await­ing new fund­ing, the biotech is ac­tive­ly hunt­ing for some part­ner­ship deals.

San­iona put out word Mon­day that it is scrap­ping its US op­er­a­tions, lay­ing off 28 em­ploy­ees and the ex­ec­u­tive team. The Dan­ish bio­phar­ma com­pa­ny is fur­ther stream­lin­ing its op­er­a­tions and re­fo­cus­ing its strat­e­gy sole­ly on ion chan­nel re­search and de­vel­op­ment while launch­ing an ac­tive hunt for part­ners to help fi­nance their de­vel­op­ment work on 2 key drugs — in­clud­ing one in a mid-stage pro­gram which was halt­ed as the com­pa­ny ran low on funds.

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