Matinas Biopharma Announces That Negotiations Under The Previously Disclosed Non-Binding Term Sheet Regarding Global Rights To MAT2203 Have Been Terminated Following Notification From The Prospective Partner, Matinas Has Implemented An 80% Workforce Reduction
Portfolio Pulse from Benzinga Newsdesk
Matinas Biopharma has announced the termination of negotiations under a non-binding term sheet for global rights to MAT2203. Following this, the company has implemented an 80% workforce reduction.
October 31, 2024 | 10:49 am
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Matinas Biopharma's negotiations for MAT2203 global rights have been terminated, leading to an 80% workforce reduction.
The termination of negotiations for MAT2203 and the significant workforce reduction suggest operational and financial challenges for Matinas Biopharma. This could negatively impact investor sentiment and the stock price in the short term.
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