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Benzinga

Technology

Vandana Singh

Sio Gene Therapies Ditches Two Remaining Programs, Seeks Buyer(s), Shares Plunge

SiO Nasdaq SVB Securities UMass University of Massachusetts Financial Advisor (Topic)

Sio Gene Therapies Inc (NASDAQ:SIOX) will terminate its licensing agreement with the University of Massachusetts to develop and commercialize gene therapy product candidates, including AXO-AAV-GM1 and AXO-AAV-GM2, for GM1 gangliosidosis and GM2 gangliosidosis, respectively.
In parallel, the Company announced that it plans to explore and review a range of strategic alternatives.
The Company held cash & cash equivalents of approximately $64 million on March 31.
Related: Sio Gene Terminates Parkinson's Gene Therapy Pact With Oxford Biomedica, Announces CEO Transition.
SVB Securities will act as Sio's financial advisor for the strategic review process.
"After a thorough review of our ongoing programs, and given the current public financing environment, we have decided to terminate our GM1 and GM2 licensing agreements with UMass and wind down our related clinical trials and manufacturing operations," said David Nassif, CEO.
Price Action: SIOX shares are down 38.6% at $0.37 during the premarket session on the last check Thursday.

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