A few weeks ago Agennix was blitzed after the late-stage failure of its lead program raised questions about its ability to soldier on. Today the German biotech responded, closing a Houston office as the developer cut more than half its staff.
German biotech Agennix lost most of its market value after revealing Monday that its most advanced compound fared worse than placebo in a late-stage trial for treating non-small cell lung cancer. And Phase III fiasco has put the future existence of the operation in question, Bloomberg reports.
Agennix has raised $13 million in a private placement with existing shareholders. This is the first step of a plan to refinance the company. "The funds we have raised will enable us to continue
Faced with the fallout from a failed trial of its lead therapy, BioXell is following a familiar path taken by a lineup of European developers, agreeing to a buyout offer and joining forces with a
Germany's GPC Biotech AG and Houston-based Agennix are planning to merge their oncology pipelines. In the deal, GPC is being merged into a new company which will have all of Agennix's shares along