Humanigen Downfall: FDA Rejection For COVID-19 Drug Triggers Financial Crisis, Bankruptcy
Portfolio Pulse from Vandana Singh
Humanigen (OTC:HGEN) has filed for bankruptcy following the FDA's rejection of its COVID-19 drug, lenzilumab. The company reported $44.1 million in unsecured debts against assets of $521,000. The FDA's decision, legal challenges, and studies questioning the drug's efficacy have led to a financial crisis for Humanigen, resulting in its delisting from Nasdaq in October 2023. The stock has lost almost all value from its previous $20 trading range.
January 05, 2024 | 3:55 pm
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Humanigen has filed for bankruptcy due to the FDA's rejection of lenzilumab, legal challenges, and studies doubting the drug's efficacy, leading to a financial crisis and delisting from Nasdaq.
The FDA's rejection of Humanigen's key drug, lenzilumab, has directly led to the company's financial downfall and bankruptcy filing. The stock has been delisted from Nasdaq and has lost nearly all of its value, indicating a severe negative impact on the stock price.
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