Promore Pharma running out of money fast
Swedish biotech Promore Pharma (Nasdaq: PROMO) will soon run out of money, and has begun liquidation proceedings, the company announced.
Following a board meeting, the decision was made in order to ensure an orderly wind down of operations, after executives determined that the existing cash runway will last only until mid-December.
Formerly known as Pergamum, Promore has been developing therapeutic peptides, including lead compound PXL01, an anti-adhesion and anti-scarring agent, for the prevention of dermal scarring.
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