Aimed at boosting shareholder value, Zafgen (NASDAQ:ZFGN) will explore strategic alternatives that could include a merger, business combination or in-licensing.
One of the reasons for the initiative is that the company does not believe it can resolve the clinical hold on ZGN-1061 in a timely fashion. The FDA suspended clinical trials in November 2018 due to possible cardiovascular risk.
Its current cash runway should be sufficient to fund operations for more than two years.
Shares will resume trading at 7:30 am ET.
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