Agennix, which has looked doomed since the failure of its only significant asset last year, is considering two options ahead of an extraordinary general meeting (EGM) on 22 May 2013. It will ask shareholders to vote on two proposals: a 20:1 reverse stock split and liquidiation of the company.

Agennix is cutting its staff count by just over a half and closing its Houston, Texas site in a bid to conserve cash as management decides what to do in the wake of the late-stage failure of its lead product candidate talactoferrin earlier this month (scripintelligence.com, 7 August 2012).

German biotech Agennix makes drastic cuts following second late-stage clinical trial failure of its investigational oral immunotherapy talactoferrin.

The future of Agennix looks in doubt today after its oral recombinant lactoferrin product talactoferrin alfa failed to improve overall survival in a Phase III study in advanced non-small cell lung cancer (NSCLC) in patients who have received at least two prior therapies. The company's hopes had been riding on a positive outcome of this trial, FORTIS-M, after the drug failed a Phase II/III study in sepsis earlier in the year (scripintelligence.com, 3 February 2012).