The biotech Athenex (Nasdaq:ATNX) plans to close a facility in Clarence, New York, by March 17, according to a notice from the New York State Department of Labor. It will cut 92 jobs in the process.
The company also noted it would close its 503B sterile compounding business to focus on cell therapy. In the third quarter of 2022, the unit was responsible for roughly 19% of its product sales.
ATNX shares were up 17.90% to $0.17.
On February 5, 2021, its shares traded at $14.00.Complete response letter from FDA
One factor driving its share price lower was a complete response letter (CRL) from the FDA in March 2022 for its New Drug Application (NDA) for oral paclitaxel with encequidar to treat metastatic breast cancer.
The company’s oral paclitaxel formulation also recently failed to win regulatory approval from the UK’s Medicines and Healthcare Products Regulatory Agency (MHRA) for metastatic breast cancer as a result of Chemistry, Manufactur…