Biotech Values

[DewDiligence]

GRTX (+35%)—plans liquidation—unable_to_continue following FDA CRL last week:

https://www.globenewswire.com/news-release/2024/08/14/2929907/0/en/Galera-Announces-Board-Approval-of-Complete-Liquidation-and-Dissolution.html

Galera Therapeutics, Inc, a clinical-stage biopharmaceutical company historically focused on developing a pipeline of novel, proprietary therapeutics that have the potential to transform radiotherapy in cancer, today announced that its Board of Directors has approved a Plan of Liquidation and Dissolution ...which provides for the dissolution of the Company under Delaware law, and plans to seek stockholder approval of the Plan of Dissolution at a special meeting of stockholders to be held on or around October 17, 2024. If the Plan of Dissolution is approved by the Company’s stockholders, the Company intends to file a certificate of dissolution with the Delaware Secretary of State and distribute all remaining cash, including any proceeds from the potential sale of any pipeline assets, to stockholders, subject to first completing the wind down of the Company’s operations and paying or providing for the Company’s creditors and potential liabilities…

The stock is up today because investors think GRTX may have a smidgen of cash to distribute after paying off liabilities.