Carbylan Therapeutics halts Hydros-TA development, views options including sale
US biotech Carbylan Therapeutics (Nasdaq: CBYL) said on Friday that it has suspended further clinical development of Hydros-TA, which recently reported disappointing results in Phase III, and that it is actively pursuing a strategic transaction, including a merger or acquisition of the company.
Carbylan has engaged Wedbush PacGrow to act as its strategic financial advisor for this process. The firm’s shares edged 4.1% higher to $0.6687 on the news, but were down 1% at $0.64 by close of trading. The stock has been in decline since June 2015, when it was trading at $9.04 per share.
In conjunction with the plan to pursue a strategic transaction, Carbylan also announced an immediate reduction in its workforce of 14 employees of its current 17 employees in order to preserve capital and further streamline the company’s operations in preparation for a potential strategic transaction.
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