Sean Anthony Eddy ASLAN Pharmaceuticals ( NASDAQ: ASLN ) stock tumbled 54% early Wednesday after the company said it plans to liquidate and is exploring strategic options for its two primary drug assets, eblasakimab and farudodstat. The biotech said its board voted to liquidate its only operating subsidiary, Singapore-incorporated ASLAN SG, after a strategic review of the company. As a result, all employees of ASLAN SG and its sibling subsidiary ASLAN USA have been terminated.
ASLAN’s board also voted to file for liquidation of the company under Cayman law. The announcement comes one day after ASLAN announced its American Depositary Shares were being de-listed from Nasdaq due to non-compliance with the exchange’s minimum bid and shareholder equity requirements. ASLAN opted not to appeal the Nasdaq ruling.
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