Cash-strapped biotech Proteon Therapeutics is considering a merger or acquisition after shelving its lead kidney disease drug due to a second late-stage clinical trial failure.

Waltham-based Proteon (Nasdaq: PRTO) disclosed in a financial filing this week that it does not have enough cash to survive for the next 12 months, with just $22 million left in the bank. Four members of the company’s board of directors further resigned this week.

It will be laying off an undisclosed amount of its 17 employees…

Boston Biz Journal