Humanigen sinks as it weighs bankruptcy option
25 Jul 2023
Executive Change
Humanigen stated in a US securities filing that it may be forced to cease operations and file for bankruptcy now that a proposed business merger has fallen through. Company shares were down as much as 81% on Tuesday following the disclosure.
According to the Securities and Exchange Commission filing, Humanigen was in negotiations with a privately-held biopharmaceutical firm about a proposed combination, but those talks have now "ended without execution of a definitive agreement."
Humanigen said in the filing that it was also unsuccessful in its bid to complete a separate strategic or equity financing transaction so it could regain compliance with Nasdaq listing requirements by August 21. Moreover, it failed to raise sufficient debt or equity financing to continue as a going concern and is now exploring all restructuring options, including initiating bankruptcy or other insolvency proceedings in the third quarter.
Meanwhile, board members John Hohneker, Cheryl Buxton and Kevin Xie all resigned from the company. Humanigen said the departures were not due to disagreements with the company on any matter relating to its operations, policies or practices, according to the filing.
Last year, shares in the company took another hit after it reported that a US National Institutes of Health trial evaluating its lenzilumab antibody with Gilead Sciences' Veklury (remdesivir) in hospitalised patients with COVID-19 had failed to achieve its primary endpoint.
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