• Matinas BioPharma (NYSE:MTNB) lost more than a third of its value on Thursday after the company ended a preliminary agreement related to a potential joint development deal for its lead asset, MAT2203.
• The company said it terminated a non-binding term sheet regarding global rights linked to MAT2203 upon notification from its partner. The Phase 3-ready oral antimicrobial is targeted at invasive fungal infections.
• After the setback, Matinas (NYSE:MTNB) has decided to cut its workforce by 80%, effective immediately, and end all its R&D activities to save cash.
• As part of layoffs, the company plans to eliminate 15 positions, including its Chief Medical Officer, Chief Business Officer, and Chief Technology Officer.
• In addition to a potential sale of MAT2203, Matinas (MTNB) plans to evaluate various strategic options, including a winddown of its business operations.

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