AGLE - Aeglea director resigns after disagreement on financing plans

Aeglea BioTherapeutics (AGLE -6.5%) is trading lower for the third straight session after announcing that Sara Brownstein, a Class I director of its Board, informed the company on Wednesday that she would resign, effective Feb. 09. “The Company believes Ms. Brownstein’s resignation was due to disagreement regarding the Company’s financing plans,” Aeglea (NASDAQ:AGLE) said in a regulatory filing on Thursday. The abrupt departure of Brownstein coincided with Aeglea’s (AGLE) decision to withdraw the previously announced public offering of common stock and warrants. With cash and cash equivalents of $95.0M as of Dec. 31, “we are well capitalized,” the company said in a press release today, adding that its liquidity would be adequate to fund operations through Q1 2023. With more than 50% decline over the past 12 months, Aeglea (AGLE) shares have underperformed the broader market, as shown in this graph.

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Aeglea director resigns after disagreement on financing plans