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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