NextCure Sells GMP Manufacturing Facility to Xcellon Biologics
NXTC has more than doubled off its 52-week low of $1.55 on light trading volume (0.3× avg).
Summary
NextCure sold its GMP manufacturing facility to Xcellon Biologics. The terms were not disclosed. This divestiture follows the company's going concern warning and recent merger announcement with Avere Therapeutics, suggesting a continued effort to streamline operations and preserve cash. The sale removes a capital-intensive asset, which could modestly improve the balance sheet ahead of the merger. No financial impact was provided.
At the time of this announcement, NXTC was trading at $6.77 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $31M. The 52-week trading range was $1.55 to $15.74. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Reuters.