Once-promising Pittsburgh biotech firm shutting down for good

After this spring, a once-promising young Pittsburgh life sciences company will likely no longer exist.

NeuBase Therapeutics, a Strip District-based company developing precision genetic medicines, has scheduled a May 13, 2024 stakeholder meeting to authorize the board of directors to dissolve the company, according to an SEC filing.

The decision was made due to the company’s financial position — including its lack of cash and resources, NeuBase Therapeutics Interim CEO Todd Branning said in the filing, calling a dissolution of the company “best for stakeholders and company alike.” The company’s leadership was unavailable for comment.

Although for years reports and experts have lauded Pittsburgh’s life sciences sector, some companies haven’t been immune from what former NeuBase CEO Dietrich Stephan, who stepped down in January, called a “COVID hangover” with regard to investing. On a national level last year, VC fundraising declined by 30%. However, Pittsburgh overall saw a 200% increase in VC funding.

During an April 2023 panel discussion, Stephen acknowledged the high stakes in launching a life sciences startup, but remained hopeful.

“Build a great company and focus and do what you can control,” Stephan said at the time, “and hopefully, at some point [you’ll] be able to point at it and say what it is possible here in Pittsburgh and create something that will attract people that they can draft off of.”

NeuBase Therapeutics was founded with a mission to create targeted treatments for genetic disorders. The firm had been developing “Stealth Editors,” its term for a new class of non-viral molecules that can perform in vivo gene editing without triggering patients’ immune systems.

It saw investment wins as recently as July 2023, when it completed a $5 million raise. The following month, however, the company said it was stopping Stealth Editor program development, laying off staff (reportedly 60%), and evaluating options for an acquisition, merger, business combination or some other “strategic alternative.”

By that point, the writing appeared to be on the wall.

“There can be no assurance that this evaluation process will result in NeuBase pursuing a transaction or that any transaction if pursued, will be completed on attractive terms, if at all,” the August 2023 announcement said. “The board has not set a timetable for completion of this evaluation process and does not intend to disclose further updates unless and until it is determined that further disclosure is appropriate or necessary.”

Now it appears the biotech company is headed into its final chapter. In the meantime, interim CEO Banning urged all stakeholders to do their best to attend the May 13 meeting.

“The board unanimously determined that the dissolution was advisable to and in the best interests of the company,” Banning said. “It is important that your shares be represented at this meeting to assure the presence of a quorum.”

Atiya Irvin-Mitchell is a 2022-2024 corps member for Report for America, an initiative of The Groundtruth Project that pairs young journalists with local newsrooms. This position is supported by the Heinz Endowments.