Poxel takes writedown on NASH drug as it continues layoffs, search for cash
France’s Poxel still believes that it can blaze a path forward in rare diseases — but before it can convince investors or partners of that, it’s continuing to tighten the purse strings.
The company is taking a $17.6 million (€16.6 million) impairment on its lead program, PXL065, reflecting a diminished value for the drug when “taking into account the company’s need to obtain additional financing to pursue its development plan in NASH or ALD, its current market capitalization and the macroeconomic context in which it operates.”
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