Vincerx Pharma Announces Termination of Letter of Intent and Board Authorization to Pursue Wind-Down Activities
SAN MATEO, Calif., April 08, 2025 (GLOBE NEWSWIRE) -- Vincerx Pharma, Inc. (NASDAQ:VINC) today announced that it has terminated the previously announced non-binding Letter of Intent (LOI) with Global Digital Holdings Inc., conducting business as QumulusAI, regarding a potential merger.
Following this decision, the Company's board of directors has authorized management to initiate wind-down activities and continue exploring monetization of assets and out-licensing opportunities.
"I want to express our deepest gratitude to the investigators, patients, employees, and partners who have supported Vincerx's mission," said Raquel Izumi, Ph.D., Acting Chief Executive Officer of Vincerx. "Your contributions have meant everything. Although unprecedented, adverse market dynamics prevented us from continuing the development of our programs, numerous patients with cancer—who had few therapeutic options—benefited from our therapies in the Phase 1 trials. For the chance you gave us to help those patients, we thank you."
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of U.S. federal securities laws. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, expectations and events and include, but are not limited to, the Company's ability to out-licensing or otherwise monetize its assets, intellectual property and technologies and wind-down operations. Forward-looking statements are neither historical facts nor assurances of future performance or events. Instead, they are based only on current beliefs, expectations, and assumptions regarding future business developments, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Forward-looking statements are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict, many of which are outside the Company's control.
Actual results, conditions, and events may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause actual results, conditions, and events to differ materially from those indicated in the forward-looking statements include, but are not limited to: availability and sufficiency of cash to complete an orderly wind-down of the Company's business; the Company's ability to out-license or otherwise monetize its assets and intellectual property and the amount of cash, if any, received from such activities; the Company's ability to secure stockholder approval to wind down its business; the risk that the Company may need to see protection of the bankruptcy court; and other risks and uncertainties including those set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent reports filed with the Securities and Exchange Commission . Forward-looking statements speak only as of the date hereof, and the Company disclaims any obligation to update any forward-looking statements.
Contacts:
Gabriela Jairala
Vincerx Pharma, Inc.
[email protected]
Totyana Simien
Inizio Evoke Comms
[email protected]
