Genocea Biosciences is winding down operations following a vote by the company’s board of directors Tuesday morning.
Genocea is laying off all remaining employees except those deemed necessary to complete an orderly shutdown of the business. On Monday, the company delivered formal notice to Nasdaq that it would voluntarily delist from the market and plans to file a Form 25 with the Securities and Exchange Commission on June 2.
Genocea is ending its operations one month after announcing a restructuring plan that included a 65% workforce reduction in Q2 2022 and explored a “range of strategic alternatives to maximize shareholder value.”
As part of the process, Genocea had engaged professional strategic advisors, including an investment bank, and considered the sale of all or part of the company, along with a merger or reverse merger.
In its latest earnings report released in March, Genocea had cash and cash equivalents of $37.1 million at the end of 2021, down from $79.8 million at the end of 2020. The company’s guidance indicated that its existing cash was “sufficient to support” current operations into Q3 2022, adding that strategic plans aimed to extend operations into 2023.
The Cambridge-based biopharmaceutical company sought to develop next-generation neoantigen immunotherapies. As part of the restructuring plan, Genocea was reviewing its clinical and research programs to “determine an appropriate course of action.”
