Graybug Vision is in search of a new home about 21 months after landing on the Nasdaq. The ocular disease-focused biotech has seen its stock $GRAY plummet amid the biotech bear market, nosediving from a September 2020 listing at $16 to $1 territory the past few months.
The Baltimore company’s stock is rebounding Tuesday morning, though, thanks to an announcement before the opening bell that the gene therapy developer would seek a strategic alternative thanks to the help of financial advisor Piper Sandler.
With $55.3 million in the bank as of March 31, Graybug is looking to emerge from the doom and gloom via an “acquisition, company sale, merger, divestiture of assets, private placement of equity securities, or other strategic transactions,” the company said in a statement. But, like all such statements, Graybug cautioned that such transactions might never happen.
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