BRIEF—Struggling Swedish biotech seeks merger

Swedish biotech Promore Pharma is engaged in a far-reaching restructuring effort as it faces a challenging financing environment.

The company will pull the plug on its ensereptide program and fire key staff including chief executive Jonas Ekblom and chief financial officer Erik Magnusson.

Promore, which is mainly owned by Corespring New Technology and PharmaResearch, is also considering a merger with another company as a way to keep going.

The firm is working on therapeutic peptides for local administration, with lead candidate ropocamptide under development for venous leg ulcers.

In a statement, the firm said the CEO and CFO “will be available to assist the company during their respective notice periods, and thereafter, if necessary."