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Fell Winds Blow
The word of the day in biotech seems to be “strategic alternatives”. If you're unfamiliar, that’s a financial euphemism for ‘give up, but try to get some blood out of this turnip before the lights go out’.
Typically, for a publicly traded company, it leads to them being acquired by a private company who simply wants to buy their business structure/shell and its access to the public markets. For private companies, they typically try to sell off assets.
Straight up bankruptcies have anecdotally seen a big uptick in the past month, and we are seeing no letup in layoff announcements. Employees lower down the food chain are now bearing the delayed brunt of this months-long money crunch.
Even if the money spigots were to turn back on tomorrow, it would take time for the positive effects to trickle down. So, if you have a job, you'd be well-advised to hold on to it for the next 4-6 months.
Over the 15 years of BioPharmGuy, this is the most negative news we have seen at any time. Part of this is due to the biotech industry being much bigger than it was post-financial crisis, but regardless, the weather looks bad for a while yet.
Lucira Morrisette
Last Thursday, Lucira Health declared bankruptcy. The next day, the FDA approved their over-the-counter flu/covid combo diagnostic.
It’s like raaaaiii-aaaaain, on your wedding day…
Downer Round
You know stuff is bad when a public company announces a $0.75M stock sale. Yikes. If you can't even bring in a million, keep it quiet. Don't even tell your mom.
Team Roast - Prima Donna
If you're one of the biggest popstars in the world or perhaps among the best few soccer players, you can get away with a one name moniker.
If you're the CEO of a middling medical device company in Jiangsu, you cannot.
Can someone please let Jay know?
Bad Design
Nothing more jarring in the cellphone era than happening upon a side scrolling website. Who thinks this is ok? The mobile website scrolls down, but the desktop website scrolls left to right?? Madness!
And they aren’t the only culprits.
Web designers are grasping for something new and failing miserably. Bleh. They could stand to learn a thing or two from that old website we featured last week.
Late Stage Preclinical
A late-stage clinical company is generally in Phase 3. A very early-stage company is considered preclinical meaning not yet testing on humans.
So, what's this “late stage pre-clinical” nonsense OncoSenX is talking about? Guess they're reallllly close to staring a clinical trial.
With a Spoon
Antagonis came up with a catchy term for their product: GAGBodies, which they say “protect glycans selectively from participating in the chemokine-mediated metastatic process”.
And what’s better than having your product name double as a description of a psychopathic and/or murderous activity. Win-win!
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