Ahmad Bilal
Synlogic (NASDAQ:SYBX) said it has decided to cease operations after determining that a key clinical study for its drug SYNB1934 in the treatment of phenylketonuria would likely not meet its primary endpoint.
The biotech company said as a result of a review of initial data from the Phase 3 study, it will discontinue development of the product and instead explore strategic options for the company, including a possible sale or dissolution, according to a statement.
Synlogic plans to lay off 90% of its workforce as it reviews its options and winds down the clinical trial. Most of the layoffs are expected to occur in February. The company’s CEO and president, Aoife Brennan, will also be leaving the company.
As of the end of Dec. 31, Synlogic has $47.7M in cash and equivalents.