Once fast-rising KC company explores sale after second drug trial failure

Cash-strapped biotech Proteon Therapeutics Inc. is considering a merger or acquisition after shelving its lead kidney disease drug due to a second late-stage clinical trial failure. Proteon (Nasdaq: PRTO) disclosed in a financial filing last week that it does not have enough cash to survive for the next 12 months, with just $22 million left in the bank. In addition to the filing, four members of the company's board of directors resigned last week. Kansas City serial entrepre neur Dr. Nick Franano…
Source: bizjournals.com Health Care:Biotechnology headlines - Category: Biotechnology Authors: Source Type: news