Matinas BioPharma ( (MTNB) ) has issued an update.
Matinas BioPharma Holdings has announced an 80% workforce reduction and halted its product development activities as a strategic move to conserve cash following the termination of partnership negotiations for its MAT2203 product. The company is considering options such as a potential asset sale or even dissolving the company itself. This drastic measure comes as Matinas seeks to navigate significant financial challenges and uncertainties in the biotech industry.
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