(RTTNews) – Fresh Tracks Therapeutics, Inc. (FRTX) announced Tuesday that its Board of Directors has approved a plan for the liquidation and dissolution of the company.
The company said it made the decision after conducting an extensive potential strategic alternatives process and careful consideration of the results.
The company plans to return all remaining cash to shareholders. In addition, to reduce costs, Fresh Tracks is terminating all clinical and preclinical development programs and reducing its workforce, including terminating most employees, by early October 2023, with the exception of certain employees, consultants and advisors who will oversee or manage the facilitate the dissolution and wind-down of the company.
“After conducting an extensive and thorough review of the strategic options for the company throughout the year, the Board of Directors has unanimously concluded that it is in the best interests of our shareholders to dissolve and liquidate the company in an orderly manner , and return all remaining shares. cash to shareholders,” said Andrew Sklawer, President and Chief Executive Officer of Fresh Tracks.
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