Synlogic Inc (NASDAQ:SYBX) shares are trading lower by 48.4% to $1.78 Friday afternoon after the company announced it will discontinue Synpheny-3, cease operations and reduce its workforce by more than 90%.
The decision follows an internal review indicating the trial was unlikely to meet its primary endpoint, not due to safety concerns. Consequently, the company plans to explore strategic options to enhance shareholder value, which may include acquisition, merger or other transactions.
Synlogic will significantly reduce its workforce, retaining only essential personnel for the strategic review and study discontinuation. Dr. Aoife Brennan, President and CEO, will depart along with the majority of the workforce.
According to data from Benzinga Pro, SYBX has a 52-week high of $14.29 and a 52-week low of $1.60.