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Thursday, Mar 28, 2024

Sienna Looks For ‘Strategic Alternatives’

Sienna Biopharmaceuticals has retained Cowen as an independent financial advisor to explore “financial and strategic alternatives” to boost shareholder value, the company said in a statement. The Westlake Village research biotech will continue to raise capital to initiate phase 3 clinical trials for its psoriasis topical cream, but the company will not start the trials until the necessary capital is secured. According to the statement from the company, no specific financial or strategic path has been chosen yet. The company went public in 2017 as a clinical-stage biopharmaceutical company with a special focus on skin treatments. Since the company made its announcement on Aug. 5, shares have decreased 13 cents to close Aug. 14 at 88 cents on the Nasdaq.

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