Carbylan Therapeutics halts Hydros-TA development, views options including sale
US biotech Carbylan Therapeutics (Nasdaq: CBYL) said on Friday that it has suspended further clinical development of Hydros-TA, which recently reported disappointing results in Phase III, and that it is actively pursuing a strategic transaction, including a merger or acquisition of the company.
Carbylan has engaged Wedbush PacGrow to act as its strategic financial advisor for this process. The firm’s shares edged 4.1% higher to $0.6687 on the news, but were down 1% at $0.64 by close of trading. The stock has been in decline since June 2015, when it was trading at $9.04 per share.
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