Graybug Announces Review of Strategic Alternatives
June 28 2022 - 7:15AM
Graybug Vision, Inc. (Nasdaq: GRAY), a clinical-stage
biopharmaceutical company focused on developing transformative
medicines for the treatment of ocular diseases, today announced
that its Board of Directors will conduct a comprehensive review of
strategic alternatives focused on maximizing shareholder value.
As part of this process, the Company will explore the potential
for an acquisition, company sale, merger, divestiture of assets,
private placement of equity securities, or other strategic
transactions. As of March 31, 2022, the company’s cash, cash
equivalents, and short-term investments totaled $55.3 million.
Graybug has retained Piper Sandler Companies to act as its
financial advisor to assist with this review process.
“The goal of this strategic evaluation process is to ensure that
we are exploring a range of possible options to maximize value for
our shareholders while leveraging our diversified pipeline and
experienced team. Pending the outcome of this review,
cost-containment measures are being put in place to maximize our
cash resources available,” said Frederic Guerard, PharmD, Chief
Executive Officer of Graybug.
There can be no assurance that this process will result in any
such transaction, and the Company does not intend to disclose
additional details unless and until it has entered into a specific
transaction.
About Graybug
Graybug is a clinical-stage biopharmaceutical company focused on
developing transformative medicines for ocular diseases. The
company’s diversified portfolio is designed to treat
vision-threatening diseases of the retina, optic nerve, and cornea,
by either maintaining effective drug levels in ocular tissues for
long periods of time, using innovative technologies, such as
injectable sustained-release formulations, or by curing diseases
with gene therapies. Graybug’s most advanced drug candidate,
GB-102 is a microparticle formulation of a
pan-VEGF inhibitor, sunitinib, for the treatment of wet age-related
macular degeneration designed for a twice-per-year intravitreal
injection. GB-102 has the potential to also benefit patients with
diabetic retinopathy. GB-401 is a first-in-class
implant formulation containing a novel prodrug of timolol for the
treatment of primary open angle glaucoma (POAG) designed for a
twice-per-year intravitreal injection with a proprietary
applicator. GB-501 is an adeno-associated virus
(AAV) gene therapy with Orphan Drug Designation (ODD) and Rare
Pediatric Disease Designation (RPDD) to treat corneal clouding
caused by mucopolysaccharidosis type 1 (MPS1), a lysosomal storage
disorder. GB-601 is being developed as a
long-acting formulation of a novel cGMP analog to address
hereditary retinal diseases like retinitis pigmentosa, a group of
genetic disorders that involve a loss of cells in the retina.
GB-701 is being developed as a long-acting
formulation of a potent factor B inhibitor targeting the complement
cascade which plays a role in AMD. Founded in 2011 based on
technology licensed from the Johns Hopkins University School of
Medicine, Graybug has offices in Redwood City, California and in
Baltimore, Maryland. For more information, please visit
www.graybug.vision.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements reflect the current beliefs and expectations of
management and include, but are not limited to, the company’s
ability to both identify and complete a strategic transaction as
described in this press release and statements regarding the
company’s drug candidates and technologies. All statements other
than statements of historical fact are statements that could be
deemed to be forward-looking statements. Although the company
believes that the expectations reflected in such forward-looking
statements are reasonable, it can give no assurances that such
expectations will prove to be correct. Forward-looking statements
are subject to risks and uncertainties that may cause the company’s
actual activities or results to differ significantly from those
expressed in any forward-looking statement, including risks and
uncertainties described under the heading “Risk Factors” in the
company’s quarterly report on Form 10-Q filed with the Securities
and Exchange Commission (SEC) on May 12, 2022, and in other reports
the company files from time to time with the SEC. These
forward-looking statements speak only as of the date of this press
release, and the company undertakes no obligation to revise or
update any forward-looking statements to reflect events or
circumstances after the date hereof.
Investor ContactIR@graybug.vision(650)
487-2409 |
Media Contactmedia@graybug.vision(404)
384-0067 |
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