Following failed forays into real estate and crypto, Warrington-based Windtree Therapeutics is reinventing itself as a waste management and environmental services firm, writes John George for the Philadelphia Business Journal.
This surprising pivot comes after the company’s struggle to find a partner for its drug candidate pipeline.
“Capital is scarce out there, especially for cardiovascular assets,” said Windtree CEO Jed Latkin. “It’s a difficult environment. Since I started here in December, I must have had 50 to 60 meetings with different companies.”
The company has continued to see its funding dwindle, with reported cash and cash equivalents of $300,000 and liabilities of $15.7 million as of June 30.
In early September, Latkin began advancing the acquisition of waste management company Titan Environmental Services, which offers residential and commercial waste and recycling services along with dumpster rentals.
The proposed deal involves a $36.75 million payment for Titan, made up of $35 million in preferred stock and $1.75 million in notes, which has already been approved by Windtree shareholders.
“The merger is moving forward,” said Latkin. “We’re doing the final steps. We already have the terms, and the intention is to merge the businesses by the end of the year.”
Read more about Windtree Therapeutics’s unexpected reinvention and what it means for its future in the Philadelphia Business Journal.
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