SIOX - Sio Gene terminates University of Massachusetts licensing agreement says to explore options

Shares of Sio Gene Therapies (NASDAQ:SIOX) fell 24.8% to $0.45 in aftermarket trading on Wednesday, after the company terminated its licensing agreement with the University of Massachusetts to make and sell gene therapy product candidates for the treatment of GM1 and GM2 gangliosidosis. The gangliosidoses are a group of inherited metabolic diseases caused by a deficiency of the different proteins needed to break down fatty substances called lipids. GM1 and GM2 are sub-types of these disorders. SIOX also said it plans to review strategic alternatives for the company, including options such as a company sale or a merger. SVB Securities will act as SIOX's financial advisor for the strategic review process. SIOX said it had cash and cash equivalents of about $64M as of March 31.

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Sio Gene terminates University of Massachusetts licensing agreement, says to explore options