Back at the end of November, little Boulder, CO-based Nivalis Therapeutics hit a clinical land mine and saw its shares explode, in a bad way, as its lead drug flopped in an effort to see if it could help cystic fibrosis patients.
Now, with its back up against a wall and Wall Street in a black mood regarding clinical failure, CEO Jon Congleton and some two dozen staffers are being dismissed as the 5 survivors go out in search for a viable “strategic alternative.”
The company has about $45 million in cash and a valuable public listing $NVLS to play with, the kind of attractions that can make for a reverse merger during a salvage operation like this. CMO David Rodman is among the layoffs.
Howard Furst, chairman of the board of directors, said:
“Nivalis is committed to maximizing shareholder value by preserving the Company’s cash, and unfortunately this necessitates the announced restructuring.”
The best place to read Endpoints News? In your inbox.
Comprehensive daily news report for those who discover, develop, and market drugs. Join 25,000+ biopharma pros who read Endpoints News by email every day.Free Subscription