Maxim downgraded Matinas BioPharma (MTNB) to Hold from Buy. The company announced that partnering negotiations for its lead asset MAT2203 – oral amphotericin – as part of the previously disclosed non-binding term sheet regarding global rights were terminated by the prospective partner, and as a result, Matinas is implementing 80% workforce reduction, the analyst tells investors in a research note. The company had $14.3M in cash at the end of Q2, which should provide operating capital into 2025, but it also lacks funds to materially advance any programs forward, the firm added.
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Read More on MTNB:
- Matinas BioPharma downgraded to Hold from Buy at Maxim
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