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ERYTECH Provides Business and Financial Update
for the Fourth Quarter and Full Year 2022
- Combination with Pherecydes announced, intending to create a global leader in extended phage therapies targeting antimicrobial resistant pathogenic bacteria
- Deep restructuring implemented; team size reduced by approximately 75% since start of 2022
- Cash and cash equivalents of €38.8 million ($41.5 million) at the end of December 2022
Cambridge, MA (U.S.) and Lyon (France), March 22, 2023 – ERYTECH Pharma (Nasdaq & Euronext: ERYP), a clinical-stage biopharmaceutical company developing innovative therapies by encapsulating therapeutic drug substances inside red blood cells, today provided a business and financial update for the fourth quarter and full year of 2022.
“After the disappointing results of our Phase 3 trial in pancreatic cancer, we have pursued during 2022 a consistent strategy to maximize the remaining value for our shareholders through strategic partnering. We sold our US manufacturing site, sharply reduced our cash burn, focused on our most promising preclinical programs, and relentlessly pursued partnering options“, said Gil Beyen, Chief Executive Officer of ERYTECH. “We are very pleased this resulted in the recently announced strategic combination with Pherecydes to build on complementary expertise and capabilities of both companies and create a global leader in phage therapy to address the increasingly alarming health context caused by antimicrobial-resistant bacteria.“
Business Highlights
- U.S. cell therapy manufacturing facility sold to Catalent for a total consideration of USD 44.5 million
Following the disappointing results of the Company’s Phase 3 trial in pancreatic cancer, ERYTECH in April 2022 sold its state-of-the-art commercial-scale cell therapy manufacturing facility in Princeton, New Jersey, to Catalent for a total consideration of $44.5 million. ERYTECH’s staff at the site of approximately 40 people has been transferred to Catalent.
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