Liminal BioSciences (NASDAQ, TSX:LMNL) is undergoing a significant strategic transformation to simplify its operations, achieve financial stability and focus R&D on small molecule therapeutics.
“This is a refresh of ProMetic Life Sciences, which was around for 25 years, but stumbled after a series of setbacks and was left with a crushing debt burden and interest payments,” CEO, Kenneth Galbraith, says in an interview with BioTuesdays.
New and existing investors arranged a major equity financing in the second quarter of 2019, strengthened the executive team and board, changed Prometic’s name and achieved a NASDAQ listing in November.
Liminal also sold its chromatography and bioprocessing business to investment giant, KKR, for some $80-millon in 2019, with $50-million in proceeds on closing. “The sale of the division will advance our transition to a new focus on small molecule therapeutics and strengthen our financial position,” he adds.
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