Carbyian Therapeutics Suspends Further Clinical Development Of Hydros-TA

Carbyian Therapeutics Inc CBYL disclosed it has suspended further clinical development of its Hydros-TA. According to the company, it was actively pursuing a tactical deal that included a merger or acquisition of the firm.

Carbyian Therapeutics indicated earlier it has engaged Wedbush PacGrow to advice on the decision to be taken in respect of strategic alternatives. The company stated that in line with its plan to pursue a strategic transaction, it revealed an immediate reduction of its workforce of 14 employees of its current 17 employees.

The company attributed it to conserve capital and further streamline its operations in preparation for a possible tactical transaction.

Currently, Carbylan expects it would have about $25-$30 million of net cash available for the potential strategic transaction. It was based on its current expectations and assumptions, including the consummation of a transaction by the end of the third quarter of the current year. The company clarified that the actual amount could differ materially from its current estimate.

On Thursday, shares of the company closed at $0.642.