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Sio Gene Therapies Inc. (symbol: SIOX) was a pioneering clinical-stage company dedicated to developing transformative gene therapies for patients suffering from life-altering neurological conditions. The company's mission was to identify, develop, and bring to market high-impact therapies designed to significantly improve the lives of individuals with neurological disorders. Sio Gene Therapies assembled a team of leading scientific experts deeply committed to alleviating the burden of these challenging conditions for both patients and caregivers.
Despite its groundbreaking mission, Sio Gene Therapies ceased its development programs in mid-2022. This decision culminated in a vote by its stockholders to dissolve the company and its remaining three foreign subsidiaries in April 2023. The dissolution of the foreign subsidiaries was completed in January 2024. As part of the dissolution process, Sio announced that it would close its stock transfer books and discontinue recording transfers of its common stock, par value $0.00001, effective as of the Effective Time. Consequently, holders of the Common Stock could no longer transfer ownership, except by will, intestate succession, or operation of law.
Sio's Board of Directors declared an initial cash liquidating distribution of $32,511,587, or $0.435 per share of Common Stock, to be paid on or about February 8, 2024, to stockholders of record as of the Effective Time. Under the Delaware General Corporation Law (DGCL), Sio has up to three years to finalize the dissolution process. The company plans to retain approximately $7,200,000 to cover dissolution-related operating expenses and any unknown contingent liabilities during this period. Sio anticipates distributing remaining cash to stockholders in one or more subsequent liquidating distributions, although the amounts and timing of these distributions remain uncertain.
Sio Gene Therapies was recognized for its innovative approach to neurotherapeutic treatments, driven by a leadership team with a proven track record in bringing novel drugs to market. The company focused on more efficient and effective methods for conducting scientific and clinical evaluations, aiming to rapidly deliver impactful medicines to patients in need. Though Sio has ceased operations, its legacy in the realm of gene therapy for neurodegenerative diseases remains significant.
Sio Gene Therapies Inc. (SIOX) has completed enrollment of eight Type II patients in the dose-escalation study of AXO-AAV-GM1 for GM1 gangliosidosis. The company is set to report 12-month topline data in late Q3 or early Q4 2021. As of June 30, 2021, Sio held $111 million in cash, providing a runway into Q4 2022. In Q1 2021, R&D expenses rose to $8.1 million due to clinical trial costs, with a net loss of $11.9 million. Despite increased expenses, Sio is optimistic about its clinical trials and FDA discussions planned for 2022.
Sio Gene Therapies Inc. (NASDAQ: SIOX) reported robust financial results for the fiscal year ending March 31, 2021, highlighting a strong cash position of $119 million. The company anticipates significant milestones in FY2021 for its GM1 gangliosidosis program, including a 12-month data update and a regulatory meeting with the FDA. Research and development expenses dropped to $24.9 million, down $22.2 million year-over-year. The net loss for the year was $32.4 million, improved from $72.6 million the previous year, indicating financial stability and progress towards commercialization.
Sio Gene Therapies (NASDAQ: SIOX), focused on gene therapies for neurodegenerative diseases, will present at the UBS Global Healthcare Virtual Conference on May 24, 2021. The company aims to improve patient lives through innovative genetic medicines targeting conditions like GM1 gangliosidosis and Tay-Sachs/Sandhoff diseases. The presentation will be led by CEO Pavan Cheruvu at 10:00 AM ET. More details are available via a webcast.
Sio Gene Therapies Inc. (NASDAQ: SIOX) announced promising results from its AXO-AAV-GM1 gene therapy for GM1 gangliosidosis. In a Phase 1/2 trial, 4 out of 5 children showed a reduction in GM1 ganglioside levels in cerebrospinal fluid at the 6-month mark. The therapy demonstrated safety and a favorable profile, with no serious adverse events reported. Positive clinical stabilization was observed in all five children. The company is on track to report further safety and efficacy data at the 12-month follow-up in 2H 2021.
Sio Gene Therapies Inc. (NASDAQ: SIOX) announced four oral presentations at the 24th Annual Meeting of the American Society of Gene & Cell Therapy, scheduled from May 11-14, 2021. These include data on AXO-AAV-GM1 for GM1 gangliosidosis and AXO-Lenti-PD for Parkinson's disease. Dr. Cynthia Tifft will discuss safety and efficacy data for the AXO-AAV-GM1 gene therapy, while other presentations will cover biomarker data and safety studies. Sio's gene therapies aim to transform treatment for neurodegenerative diseases, receiving Orphan Drug and Rare Pediatric Disease Designations.
Sio Gene Therapies Inc. (NASDAQ: SIOX) announced participation in multiple upcoming investor and scientific conferences in April 2021, focusing on gene therapies for neurodegenerative diseases. Key events include Guggenheim's Healthcare Talks on April 1, featuring a panel on CNS indications, and the Alliance for Regenerative Medicine conference on April 6, discussing commercialization in advanced therapies. Additionally, Sio will present on GM1 and GM2 gangliosidosis during NTSAD’s conference on April 23. These efforts reflect Sio's commitment to advancing gene therapies for conditions like Tay-Sachs and Parkinson's disease.
Sio Gene Therapies (NASDAQ: SIOX) announced it had $120.9 million in cash as of March 12, 2021, boosted by a $15 million equity investment from Suvretta Capital. Since December 2020, the company raised $49.1 million, including $37.1 million from stock sales. Expected milestone payments include $4.8 million upon marketing approval of cenobamate. The firm believes its cash position will fund major upcoming milestones for its AXO-AAV-GM1 gene therapy program, including data releases in 2021 and 2022, and aims to lead gene therapy trials in GM1 gangliosidosis.
Sio Gene Therapies Inc. (NASDAQ: SIOX), focused on gene therapies for neurodegenerative diseases, will participate in several upcoming investor and scientific conferences.
- Oppenheimer Conference: Presentation on March 17, 2021, at 2:30 PM ET by Gavin Corcoran.
- Redburn Gene Therapy Summit: Panel discussion on March 31, 2021, at 8:00 AM ET led by Parag V. Meswani.
- Guggenheim Healthcare Talks: 1-on-1 investor meetings on April 1, 2021.
- Gene Therapy Patient Engagement Summit: March 23-25, 2021.
The company aims to radically improve lives through innovative genetic medicines.
Sio Gene Therapies Inc. (NASDAQ: SIOX), focused on gene therapies for neurodegenerative diseases, will present at the 10th Annual SVB Leerink Global Healthcare Conference from February 22-26, 2021. The presentation is scheduled for February 24, 2021, at 1:40 PM ET, featuring CEO Pavan Cheruvu in a fireside chat format. Additionally, the company management will engage in one-on-one investor meetings during the event. Sio Gene Therapies aims to develop potentially curative therapies for GM1 gangliosidosis and Tay-Sachs/Sandhoff diseases, while also targeting prevalent conditions like Parkinson's disease.
Sio Gene Therapies Inc. (NASDAQ: SIOX) reported financial results for its third fiscal quarter ended December 31, 2020. The net loss was $10.5 million, or $0.20 per share, a reduction from $14.0 million or $0.62 per share in the prior year. Research and development expenses decreased to $6.4 million, down from $8.3 million. The company had $81 million in cash and expects to receive an additional $16 million from Arvelle Therapeutics shares, sustaining its cash runway into Q2 2022. Advances in gene therapies for neurodegenerative diseases were highlighted, with ongoing clinical trials showing promising results.
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