San Francisco-based biopharmaceutical company Third Harmonic Bio has decided to shut down operations and liquidate assets, the company announced April 14.
Third Harmonic Bio, which began operating in 2019, is a clinical-stage biotech operation focused on treating dermal, respiratory, and gastrointestinal inflammatory diseases. It was once worth about $1 billion.
Its San Francisco location has fewer than 60 employees, according to LinkedIn. In February, the company began a 50 percent workforce reduction, according to a press release.
The company notified the Securities and Exchange Commission of its plans in a filing Monday.
The board of directors on April 10 unanimously approved the plan to liquidate assets and distribute remaining cash to shareholders. The board intends to seek stockholder approval June 5, according to the notice….