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Rafael Holdings To Focus On Strategic Business Development Initiatives And Curtail Early Stage Development Activities; As Of July 31, 2022, The Company Held Cash, Cash Equivalents And Marketable Securities Of $63.2M

Benzinga · 11/15/2022 16:03

Rafael Holdings, Inc. (NYSE:RFL) today announced its decision to curtail its early-stage development efforts, including pre-clinical research at the Barer Institute in order to reduce spending and focus on exploring strategic opportunities to invest in, acquire, or in-license clinical stage assets.
 

As of July 31, 2022, the Company held cash, cash equivalents and marketable securities of $63.2 million, and subsequently received $33 million in net proceeds from the sale of real estate assets on August 23, 2022.



"We believe that our strong balance sheet affords us the opportunity to focus on strategic business development efforts at a time of substantive dislocation in the biotech sector with the goal of acquiring, in-licensing or investing in later stage assets with the potential to achieve meaningful clinical milestones, which if successful, could improve the lives of patients and increase value for our shareholders," said Bill Conkling, CEO of Rafael Holdings. "We would like to acknowledge our R&D colleagues and scientific advisors and thank them for their dedication to our programs.