Matinas Biopharma Holdings reports cessation of negotiations for rights to MAT 2203 and workforce reduction.
Matinas BioPharma Holdings, Inc. announces that negotiations under the previously disclosed non-binding term sheet regarding global rights to MAT 2203, its oral formulation of amphotericin B, have been terminated following notification from the prospective partner
As a result, Matinas has implemented an 80% workforce reduction effective immediately, eliminating 15 positions including three members of senior management, and has ceased all product development activities to conserve cash. The departing senior executives include Chief Medical Officer Dr. James Ferguson, Chief Business Officer Thomas Hoover and Chief Technology Officer Dr. Hui Liu. The Board intends to retain an advisor to assist the Company with the potential asset sale of MAT 2203, its lead Phase III-ready antifungal drug candidate for the treatment of invasive fungal infections
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