Carisma Therapeutics has filed documents with the Securities and Exchange Commission outlining plans to delist its stock. The University of Pennsylvania spinout is winding down operations. The filing was submitted on Monday.

The company’s stock previously moved to the OTCID market after being suspended from Nasdaq trading in mid-October. Approval for the voluntary delisting and deregistration was granted by the board earlier this month. The delisting is expected to become effective on or about December 25.

Like many early-stage life sciences companies, Carisma faced challenges raising new investment capital. Investor interest has declined in high-risk biotechnology ventures in recent years. Capital has shifted toward more stable business sectors.

Efforts were made to conserve cash through a narrowed research focus and workforce reductions. Only a small number of employees remained when strategic alternatives were pursued.

Carisma was founded in 2016 as a University of Pennsylvania spinout. A reverse merger with OrthoCellix was announced in June. The deal was later terminated after required investment commitments were not secured.

*Article courtesy of Philadelphia Business Journal

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