BRIEF—Kaleido Biosciences is being shut down

In a Stock Exchange filing on April 8 by the US biotech, Kaleido Biosciences said that its board of directors had voted to immediately wind-down and cease all of the company’s ongoing operations, sending the firm’s shares down 75% to $0.36.

In connection with cessation of activities, the employment of all of the company’s remaining employees was terminated effective immediately.

As previously announced, the company had initiated a strategic process, in an attempt to maximize shareholder value and engaged professional advisors, including an investment banker to act as a strategic advisor in the process.

Unfortunately, the strategic process did not result in the identification of any viable transactions, and given its limited remaining resources, the company cannot continue operations and believes that the best alternative is an orderly wind-down process.

The company is evaluating additional details regarding the wind-down, and will provide further information when available.