Houston-based Aravive to delist and liquidate itself

Aravive, a Houston-based biotech company is to delist from Nasdaq and liquidate itself. Back in August, it announced that its lead drug candidate, Batiraxcept, had failed to meet its primary goal in a Phase 3 trial for patients with platinum-resistant ovarian cancer.

As a result, the company decided to terminate testing for the drug in renal cell carcinoma and pancreatic adenocarcinoma. At a meeting in early October, the shareholders passed a resolution authorizing the directors to liquidate the company if it was unable to raise cash. At that time, the company had about $8 million of cash on hand.

In conjunction with the planned delisting, expected February 8,  the employment of CEO Gail McIntrye and CFO Rudy Howard was terminated, effective January 17. Each will get a severance amounting to one year’s base salary ($510,000 and $395,000 respectively).

Aravive went public in 2018 after it merged with publicly-traded Versartis in a deal that valued Aravive at $39 million. As part of the merger, the company moved its head office from California to Houston.

SEC filing – 8-K – Aravive to delist

Sign up for my newsletter

Leave a Reply

Your email address will not be published. Required fields are marked *