'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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