Angion Biomedica (ANGN) to Explore Strategic Alternatives for Enhancing and Preserving Shareholder Value

Angion Biomedica Corp. (NASDAQ: ANGN), a biopharmaceutical company focused on the discovery, development, and commercialization of novel small molecule therapeutics to address fibrotic diseases, today announced it has commenced a process to explore and evaluate strategic options to enhance and preserve shareholder value. Angion’s Board of Directors has approved engagement of Oppenheimer & Co., Inc. as the company’s exclusive financial advisor to assist in this process.

Potential strategic options to be explored or evaluated as part of this process may include, but are not limited to, merger, reverse merger, other business combination, sale of assets, licensing, or other strategic transactions involving Angion. There can be no assurance the exploration of strategic alternatives will result in any agreements or transactions, or, if completed, any agreements or transactions will be successful or on attractive terms. Angion does not expect to disclose developments with respect to this process unless until the evaluation of strategic alternatives has been completed or the Board of Directors has concluded disclosure is appropriate or legally required.

“Angion’s management and Board of Directors have moved quickly begin exploring strategic alternatives as the best option for enhancing and preserving shareholder value,” stated Dr. Jay Venkatesan, Angion’s President and Chief Executive Officer. “In order to preserve as much of the over $60 million in cash and cash equivalents in place at the end of the second quarter, we are discontinuing development of ANG-3070 for all indications and discontinuing most other development activities pending conclusion of this process, plus taking other actions to immediately reduce cash burn to better position the company for this strategic alternatives process.”

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