Helixmith Plunges On Warning Of Possible Offering Delay
Investment Losses Also Concern Shareholders
Korean venture Helixmith faces another setback following a missed Phase III endpoint for its plasmid DNA neuropathy candidate, with its shares plunging after it warned of a possible delay in a planned rights offering, amid concerns from minority shareholders over other investment losses.
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Relief for Helixmith’s management as voting at recent shareholders' meeting failed to remove top executives, including the South Korean biotech’s founder and CEO, following recent setbacks. But the future of the board may now depend largely on the success of the ongoing clinical trials for lead assets and stock price recovery.
Plus deals involving Helixmith/Wacker, Sosei Heptares/Metrion, Ono/Ribon, Asahi Kasei/Lilly, Citrine/Diurnal, Mitsubishi Tanabe/Aquestive, Immunotech/T-Cure, TRIGR/Elpiscience, Daiichi Sankyo/ViGeneron
South Korean pharma and biotech companies are opting to spin off certain businesses and set up new subsidiaries to speed up R&D progress and tap funding opportunities. The move, which has become more visible in the past few years is in line with global biopharma trends, although the reasons may vary.