Malvern-based Galera Therapeutics is moving forward with a plan to shut down the company and liquidate all of its assets, writes John George for the Philadelphia Business Journal.
The decision comes a little over a year after the Food and Drug Administration rejected the biopharmaceutical firm’s new drug application for its lead product candidate. The company has been working for over a decade on a potential treatment for a common side effect of radiation treatments for patients with head and neck cancer.
Galera spent hundreds of millions of dollars developing avasopasem manganese as a treatment for severe oral mucositis induced by radiotherapy. The condition can cause painful ulcers to develop in cancer patients’ mouth and throat.
The accumulated deficit of the company established in 2012 is $445.8 million.
According to Dr. Mel Sorensen, Galera’s CEO, the board made the decision to dissolve the company “following extensive consideration of potential strategic alternatives.”
The vote to dissolve Galera came after no other “suitable options” for the company could be found. During the dissolution process, the company will pursue the sale of its drug candidate assets.
Read more about Galera Therapeutics shutting down in the Philadelphia Business Journal.
