CANbridge Pharmaceuticals (HKG:1228) served a notice of termination of its exclusive UMass license agreement with the University of Massachusetts.
The company is also actively negotiating the terms to cancel its lease of the group's office and laboratory space in Boston under its downsizing plan, a Friday Hong Kong bourse filing said.
Under the UMass license agreement, the company obtained global rights to develop, manufacture, and commercialize a certain spinal muscular atrophy-treating gene therapy in Jan. 2023. The termination will take effect within 60 days from the notice date.
The biopharmaceutical company's shares closed nearly 4% lower on Friday.
Price (HKD): $0.24, Change: $-0.0090, Percent Change: -3.60%
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