11:13 AM EDT, 09/04/2024 (MT Newswires) -- Genprex ( GNPX ) said Wednesday it plans to focus on its oncology clinical development program and form a wholly owned subsidiary for its diabetes program and diabetes gene therapy assets.

The new unit is expected to be created by the end of this year and focus on the development and commercialization of diabetes gene therapy drug candidate GPX-002, according to Genprex ( GNPX ).

The spinoff is "subject to adequate financing" and requires final approval from the management and board, among other customary conditions, Genprex ( GNPX ) said.

Shares of Genprex ( GNPX ) fell 9.8% in recent Wednesday trading.

Price: 0.63, Change: -0.07, Percent Change: -9.78