A year ago PixarBio reverse merged its way onto the public markets, promising to raise tens of millions in cash as it led the way on development of a pain therapy that could replace morphine. The company confidently predicted an approval and market launch in 2018, boasting of technology that came out of the lab of MIT professor Bob Langer. And its been downhill ever since. In a mid-June SEC filing, the biotech says it was forced to give up its leased property in Massachusetts, including its headquarters in Medford, laid off more than half of its staff as it bled cash and grappled with an SEC fraud investigation, denying any wrongdoing. Its staff has been reduced from 27 to 10 in the first 6 months of this year. In the meantime, its shares $PXRB an OTC stock are trading at around 29 cents. Frank Reynolds PixarBio, helmed by CEO Frank Reynolds, says it got into a scrap with their landlord on the Medford lease after a late payment. So now, in place of that monthly $23,341 rent payment, they are paying $3,003 for a new, smaller office in Salem, NH. Then theres the SEC probe: Pursuant to SEC subpoenas … Continue reading
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