Sio Gene Therapies Inc (NASDAQ:SIOX) has decided to terminate its licensing agreement with Oxford Biomedica for AXO-Lenti-PD, its lentiviral gene therapy program for Parkinson's disease.
- Due to several factors, the Company is deprioritizing its Parkinson's disease program, including resource requirements, development timelines to reach meaningful value inflection, and a challenging market and regulatory environment.
- Sio Gene will return the rights of the AXO-Lenti-PD program to Oxford Biomedica by March 31, 2022.
- The Company will now prioritize the development of AXO-AAV-GM1 and AXO-AAV-GM2, AAV gene therapy programs for GM1 and GM2 gangliosidosis (Tay-Sachs/Sandhoff disease).
- Related: Sio Gene Shares Gain As Genetic Nerve Cell Disorder Gene Therapy Trial Shows Encouraging Action.
- The portfolio prioritization extends the Company's estimated cash runway into 2H of 2023, compared to Q4 2022 expected earlier.
- In addition, the Company has appointed David Nassif, its Chief Financial Officer, as interim Chief Executive Officer and board member with the resignation of its CEO, Pavan Cheruvu, who is leaving the Company to pursue new opportunities.
- Price Action: SIOX shares closed at $1.17 on Monday.
