XTuit Believes Microenvironment Approach Will Yield Cancer And Fibrosis Therapies
This article was originally published in The Pink Sheet Daily
Coming out of stealth with a $22 million Series A round, the biotech thinks its therapies targeting abnormal stroma could improve the activity of checkpoint inhibitors in cancer combo therapy and possibly reverse fibrosis in advanced liver disease.
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The privately-held biopharma, focused on fibrotic diseases and cancer, appointed oncology veteran Deborah Dunsire as president and CEO as the firm’s first drug candidates mature toward the clinic.
Facing soaring legal costs stemming from its failed merger with Fresenius Kabi and burdened by substantial debt, Akorn elected to put itself up for sale earlier this year in order to help repay lenders. But the company has now defaulted on an agreement with its creditors after no bidder stepped up to the plate.
Pipeline Watch is a weekly snapshot of selected late-stage clinical trial events and approvals announced by pharmaceutical and biotech companies at medical and industry conferences, in financial and company presentations, and in company releases and statements.