ARYx (ARYX) Says FDA Issued Prelim. Notification of Additional Delay for SPA on Naronapride; Co. Can No Longer Continue Operations
In a Form 8-K, ARYx (Nasdaq: ARYX) disclosed that four directors resigned from the Board: David Beier, Lars Ekman, Herm Rosenman and Paul Sekhri. The company said that the resignations are not the result of any disagreement with ARYx.
Further, the company announced that the FDA has issued a preliminary notification that there will be an additional delay in providing guidance related to the SPA previously submitted for ARYx's gastrointestinal product candidate, naronapride.
As a result, the company's Board determined on March 3 that continued operations of ARYx is not possible due to its limited current cash resources and lack of additional funding options.
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Further, the company announced that the FDA has issued a preliminary notification that there will be an additional delay in providing guidance related to the SPA previously submitted for ARYx's gastrointestinal product candidate, naronapride.
As a result, the company's Board determined on March 3 that continued operations of ARYx is not possible due to its limited current cash resources and lack of additional funding options.
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