Three months after laying off most of its staff, SQZ Biotechnologies’ shareholders have opted to begin the process of liquidating and selling off what remains of the company’s assets to Stemcell Technologies for $11.8 million.
STEMCELL Technologies Announces Successful Asset Purchase Agreement with SQZ Bio
SQZ Biotechnologies shareholders are set to meet in two weeks to vote on the board’s recommendation that the company sell its assets to an old partner and dissolve. Armon Sharei, its co-founder and former CEO, intends to vote yes.
As SQZ Biotechnologies slips away, the biotech’s founder and former CEO Armon Sharei, Ph.D., is launching a new cell engineering platform outfit dubbed Portal Biotechnologies.
There has been no sign in this quarter’s earnings results that the tide of layoffs will be receding from biotech anytime soon. The wave of postmarket releases Wednesday brought news that both SQZ Biotechnologies and Regenxbio are slimming down their head counts to make every dollar count.
SQZ Biotechnologies Reports Third Quarter 2023 Financial Results
SQZ Biotechnologies Reports Data for Clinical Programs at the Society for Immunotherapy of Cancer Annual Meeting
SQZ Biotechnologies Reports Second Quarter 2023 Financial Results and Recent Portfolio Updates
The squeeze on SQZ Biotechnologies is getting tighter. After 12 months of value destruction, the biotech reported that Roche has dropped its option on a solid tumor program—and that SQZ is assessing strategic alternatives to partner “all its clinical and preclinical assets across all disease areas and indications.”
SQZ Biotechnologies Announces Confirmed Complete Response in HPV16+ Solid Tumor Patient in the Lowest-Dose Cohort of the SQZ-AAC-HPV-101 Clinical Trial