KaloBios -47% as it says it's shutting down

|By:, SA News Editor

Biopharmaceutical firm KaloBios (NASDAQ:KBIO) has lost 47% of value after hours as the firm says it will wind down, after talks about strategic alternatives ended without promise.

It will discontinue the two current development programs: KB004, for certain hematologic malignancies, and lenzilumab, a treatment for chronic myelomonocytic leukemia.

Last week, the company had said it would cut most of its staff as it looked for strategic alternatives, and that it planned to keep focusing on developing lenzilumab.

The company has engaged The Brenner Group to assist in shutdown and liquidation, and it will phase out remaining employees over the next 30-60 days.

It won't file a 10-Q for Q3, and has repaid its $6.6M outstanding secured loan obligation to MidCap Financial.

Previously: KaloBios cuts 61% of staff; shares down 47% (Nov. 06 2015)

Subscribe for full text news in your inbox