Apexigen announces review of strategic alternatives, 55% workforce reduction

Apexigen engaged Ladenburg Thalmann & Co. to evaluate strategic alternatives for the Company with the goal of maximizing stockholder value. As part of this process, the Company will explore the potential for an acquisition, company sale, merger, divestiture of assets, licensing, or other strategic transactions. There can be no assurance that the exploration of strategic alternatives will result in any agreements or transactions, or that, if completed, any agreements or transactions will be successful or on attractive terms. The Company does not expect to disclose or provide an update concerning developments related to this process until the Company enters into definitive agreements or arrangements with respect to a transaction or otherwise determines that other disclosure is necessary or appropriate. Apexigen will also implement a corporate restructuring to extend its cash runway as it reviews and explores strategic alternatives. As part of the restructuring, Apexigen plans to reduce its workforce by 55%.