Fresh Tracks Therapeutics Approves Plan Of Liquidation

(RTTNews) - Fresh Tracks Therapeutics, Inc. (FRTX) Tuesday announced that its Board of Directors has approved a plan of liquidation and dissolution of the company.

The company said it made the decision after conducting an extensive potential strategic alternatives process and careful consideration of the outcomes.

The company intends to distribute all remaining cash to shareholders. Additionally, in order to reduce costs, Fresh Tracks is discontinuing all clinical and preclinical development programs, and reducing its workforce, which includes the termination of most employees, by early October 2023, except for certain employees, consultants, and advisors who will supervise or facilitate the dissolution and wind down of the company.

"After conducting an extensive and thorough evaluation of strategic options for the Company throughout this year, the Board of Directors has unanimously concluded that it is in the best interests of our shareholders to dissolve and liquidate the Company in an orderly fashion, and return all remaining cash to shareholders," commented Andrew Sklawer, President and Chief Executive Officer of Fresh Tracks.