ZYNE - Zynerba Pharma says not holding cash deposits or securities at Silicon Valley Bank

2023-03-13 16:34:58 ET

• Zynerba Pharmaceuticals ( NASDAQ: ZYNE ) on Monday said that it did not hold cash deposits or securities at embattled Silicon Valley Bank (SVB).
• ZYNE stock was down 2% to $0.40 after hours.
• SVB was taken over by U.S. regulators on Friday after the bank - known to lend money to venture capital funds and startups - found itself in a liquidity crisis.
• The collapse of SVB marked the biggest bank failure since the 2008 financial crisis, sparking fears of a contagion and leading to steep declines across the financial sector as a whole.
• Devon, Pa.-based ZYNE develops cannabinoid therapies for neuropsychiatric disorders such as Fragile X syndrome.

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