Fresh Tracks to cease stock trading as drug company dissolves

BOULDER — Fresh Tracks Therapeutics Inc. (OTC Pink: FRTX) will stop trading its stock on the over-the-counter market at the end February as the drug company begins a potentially lengthy dissolution process. 

“The Company is continuing to wind down its operations and resolve all outstanding liabilities,” Fresh Tracks said this week. “The Company currently has approximately 6 million outstanding shares and approximately 600,000 outstanding eligible warrants, and the total cash to be distributed in the initial distribution is expected to be approximately $6.3 million.”

Fresh Tracks said that it “expects the final winding down process to take up to ten years. During this period, the Company will maintain a reserve for expenses, both known and unknown. After the initial distribution to the stockholders, as discussed above, and the settlement of any final claims and expenses, the Company may make a second cash distribution of any remaining.”

The Boulder company laid off nearly all its workers in fall 2023 and was later booted from the Nasdaq stock exchange.

Fresh Tracks rebranded from Brickell Biotech in 2022 and sold off rights to its excessive-sweating drug to Botanix Pharmaceuticals Ltd.

Prior to the decision to dissolve, Fresh Tracks explored the possibility of a merger or other strategic options for boosting shareholder value, elevated a new CEO and paused research and development.

The company contacted about 125 potential merger partners and investors, resulting in four “unsuccessful attempts” to consummate a deal, due, Fresh Tracks said in 2023, to “the potential acquirer’s inability to secure its own necessary financing and/or inability to offer adequate value.”

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