After reaching a $12 billion valuation in 2018, Biosplice appears to be falling back down to Earth, and its workforce is taking the brunt. The company is laying off 41 workers, according to a Tuesday announcement. The San Diego biotech also culled a male pattern baldness drug from its pipeline.
SAN DIEGO, May 22, 2020 (GLOBE NEWSWIRE) -- Samumed, LLC, announced today the publication of results from the Phase 2a trial of lorecivivint, an investigational CLK/DYRK1A inhibitor that modulates the Wnt pathway, for the potential treatment of knee osteoarthritis (OA). The article was published in Arthritis & Rheumatology and demonstrates the disease-modifying promise of lorecivivint.
Founded in 2008, Samumed has spent most of its lifetime working under the radar. It came out of the shadows in 2016 with a war chest of $220 million drawn from investors including Ikea’s private venture arm and some very wealthy individuals along with a pipeline of drugs it says can reverse aging.
SAN DIEGO and SILVER SPRING, Md., Sept. 17, 2018 /PRNewswire/ -- Samumed LLC has entered an exclusive license agreement with United Therapeutics Corporation (Nasdaq :UTHR ) for North American rights to Samumed's SM04646, being developed for the treatment of idiopathic pulmonary fibrosis (IPF). Deal terms include $10 million up-front, plus up to $340 million in developmental milestones and up to low double-digit royalties.
Samumed, a San Diego-based biotech is one of the highest valued healthcare startups in the US with a $12 billion valuation.