Rare Daily Staff
PhaseRx, which is developing mRNA treatments for life-threatening inherited liver diseases in children, that it is eliminating half of its 20-person staff and delaying the development of its lead experimental therapy as part of a reorganization to preserve cash.
As of June 30, 2017, PhaseRx had cash and equivalents of $8.4 million.
The company said its board of directors has also begun a review of strategic alternatives, including but not limited to a potential merger transaction. The company has not set a timetable for this process and said it does not intend to discuss or disclose further developments during this process unless and until its board of directors has approved a specific action or otherwise determined that further disclosure is appropriate.
PhaseRx is a developing mRNA products for the treatment of children with inherited enzyme deficiencies in the liver using intracellular enzyme replacement therapy. Its initial product development focus is on urea cycle disorders, a group of rare genetic diseases that generally present before the age of twelve and are characterized by the body’s inability to remove ammonia from the blood with potentially devastating consequences for patients.
October 13, 2017