Trio of biotechs trim their pipelines as rough mar­ket not let­ting up in third quar­ter

As biotechs around the sec­tor re­port­ed their third quar­ter earn­ings this week, sev­er­al com­pa­nies felt the weight of the bear mar­ket and slimmed down their pipelines.

Xilio Ther­a­peu­tics, Pro­tag­o­nist Ther­a­peu­tics and Evax­ion Biotech re­vealed pro­gram cuts for the first time this week, con­tin­u­ing the trend seen all year through­out the sec­tor.

The drug fur­thest along its clin­i­cal path be­longed to Pro­tag­o­nist, with the biotech drop­ping an ul­cer­a­tive col­i­tis pro­gram known as PN-943 fol­low­ing a Phase II fail re­port­ed in April. At the time, CEO Di­nesh Pa­tel ex­pressed con­fi­dence in the pro­gram de­spite the miss, pre­vi­ous­ly telling End­points News that “facts” can some­times dif­fer from “truth.”

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