Salarius Pharmaceuticals, Inc. (Nasdaq: SLRX), a clinical-stage biopharmaceutical company using protein inhibition and protein degradation to develop cancer therapies for patients in need of new treatment options, today announced plans to explore strategic alternatives and implement measures to extend its resources.
“The second quarter and recent weeks were highlighted by significant advancements in both of our development programs, but after a review of each program’s future funding needs and the current financial markets, the Board of Directors has made the difficult decision to limit further drug development while we explore strategic alternatives for both Salarius and continued development of our drugs. This was an exceptionally difficult decision in light of the promising early seclidemstat Ewing sarcoma clinical data, seclidemstat hematological clinical data and the recent U.S. Food and Drug Administration (FDA) clearance to begin the SP-3164 Phase 1 trial," said David Arthur, president and chief executive officer of Salarius Pharmaceuticals.
The Company has retained Canaccord Genuity, LLC to lead a comprehensive review of strategic alternatives focusing on maximizing shareholder value including, but not limited to, an acquisition, merger, reverse merger, divestiture of assets, licensing or other strategic transactions involving the Company. However, there is no set timetable for this process and there can be no assurance that this process will result in the Company pursuing a transaction or that any transaction, if pursued, will be completed on attractive terms. If the Company is unable to complete a transaction, it may be necessary to seek other alternatives for restructuring and resolving its liabilities, including an orderly wind-down of operations. Salarius does not expect to disclose developments with respect to this process unless and until the evaluation of strategic alternatives has been completed or the Board of Directors has concluded that disclosure is appropriate or legally required.
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