Carbylan Therapeutics, Inc. (NASDAQ: CBYL) Suspends Hydros-TA Clinical Development

Carbylan Therapeutics announced in April that it has suspended further clinical development of its Hydros-TA. The company was pursuing a tactical deal that included an acquisition or merger of the firm.

The specialty pharmaceutical company indicated earlier that it had engaged Wedbush PacGrow to advice on the decision to be taken in respect of strategic alternatives.

Carbylan stated that in line with its plan to pursue a strategic transaction, it revealed an immediate reduction of its workforce of 14 employees of its current 17 employees. In regard to the potential strategic transaction, the company currently expects it would have about $25-$30 million of net cash available. This was based on its current expectations and assumptions, including the consummation of a transaction by the end of the third quarter of the current year.

Carbylan has clarified that the actual amount could differ materially from its current estimate.