The company has bagged a preclinical program from struggling Swiss biotech Spexis for $2.3m upfront, its fourth deal in as many months.

Restructuring Edition: FibroGen follows its clinical setback with a 32% reduction in force, cutting 104 jobs. Also, Amarin named a new CEO, but cut all US sales and 30% of non-sales US roles, and 9 Meters is headed for dissolution after Chapter 7 bankruptcy, while several others seek strategic alternatives.

Spexis is hoping to get ColiFin, a therapy for chronic lung infections in cystic fibrosis patients, onto the US market but cannot start the necessary late-stage program without an injection of cash.

Just over three years, Polyphor's initial public offering in Switzerland raised CHF165m. Now, with just enough cash to get through the third quarter, it has been saved by a deal with US biotech EnBiotix.