Millendo Therapeutics, Inc. (MLND) (MLND)

[Werbe]

3 research operations killed now. SVB Leerink and them have been planning something IMO. I grabbed some 1.6s

ANN ARBOR, Mich., January 5, 2021 – Millendo Therapeutics, Inc. (Nasdaq: MLND), announced today that its Board of Directors has decided to discontinue further investment in MLE-301, a selective neurokinin 3 receptor (NK3R) antagonist for the treatment of menopausal vasomotor symptoms (VMS), based on an analysis of the pharmacokinetic and pharmacodynamic data from the ongoing single ascending dose portion of the Phase 1 study being conducted in healthy male volunteers. While MLE-301 was generally well-tolerated, the data do not support moving forward with its development in the target population of peri- and post-menopausal women, especially with the evolving dynamics of a highly competitive NK3R antagonist market.

Given the Company’s limited expected financing options, Millendo’s Board of Directors has determined that it is in the best interests of the Company’s shareholders to explore an expanded range of strategic alternatives that include, but are not limited to, the potential sale or merger of the Company or its assets. Millendo will continue working with SVB Leerink to assist in its ongoing strategic process.

Carol Gallagher, Chairman of the Board, commented, "We would like to acknowledge and thank all of our employees for their hard work in supporting Millendo’s mission of pursuing novel therapies to alleviate patient suffering due to endocrine diseases. The Board has continued to support the Company’s ongoing plans and execution efforts; however, at this time the Board believes that it is in the best interest of the Company and its shareholders to actively seek a broad range of strategic alternatives, including a sale or merger of the Company in order to maximize shareholder value.”

To conserve cash, Millendo intends to review its operating costs and may plan for a reduction in its workforce in order to focus its resources on essential business activities.