Sio Gene Therapies Ends Clinical Trials, Licensing Agreement for GM1, GM2 Candidates

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By Mary de Wet

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Sio Gene Therapies Inc. said it is terminating its licensing agreement with the University of Massachusetts and ending clinical trials for AXO-AAV-GM1 and AXO-AAV-GM2, two months after the company said it would be prioritizing those gene-therapy candidates.

The company had hoped the gene therapies would treat GM1 gangliosidosis and GM2 gangliosidosis, including Tay-Sachs disease and Sandhoff disease.

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Sio Gene Therapies said it has engaged SVB Securities to advise it on strategic alternatives to maximize stockholder value. The company said its cash and cash equivalents totaled $64 million on March 31.

Shares fell 15% in after-hours trade to 51.01 cents, after closing up 2.2% at 60.3 cents.

In February, interim Chief Executive David Nassif said, “We believe our GM1 and GM2 programs also bring meaningful value for our shareholders. These programs represent a critical opportunity, where the life-changing value for families desperately in need and the market value for our shareholders perfectly overlap and provide the motivation to keep our team moving with a sense of purpose for all stakeholders.”

On Wednesday, Mr. Nassif said, “After a thorough review of our ongoing programs, and given the current public financing environment, we have decided to terminate our GM1 and GM2 licensing agreements with UMass and wind down our related clinical trials and manufacturing operations.”

Write to Mary de Wet at [email protected]

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Credit: www.marketwatch.com /

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