RFL - Rafael stepping back from early-stage development in favor of acquisition licensing
- Rafael Holdings ( NYSE: RFL ) is putting the brakes on its early-stage development programs as part of an effort to reduce spending and instead focus on investing in, acquiring, or in-licensing clinical-stage candidates.
- CEO Bill Conkling said that by doing so, Rafael ( RFL ) has the "potential to achieve meaningful clinical milestones, which if successful, could improve the lives of patients and increase value for our shareholders."
- As of July 31, the Company had cash, cash equivalents and marketable securities of $63.2M, and then an additional $33M in net proceeds from the sale of real estate assets on August 23.
- The stock is down ~63% year to date.
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Rafael stepping back from early-stage development in favor of acquisition, licensing