DEVON, PA — Zynerba Pharmaceuticals, Inc. (Nasdaq: ZYNE) this week issued a statement confirming that it does not hold cash deposits or securities at Silicon Valley Bank.
On March 10, 2023, Silicon Valley Bank was seized by the California Department of Financial Protection and Innovation after suffering an unprecedented run on its deposits. Taking swift action to resolve the situation, a joint statement from Secretary of the Treasury Yellen, Federal Reserve Chairman Powell, and FDIC Chairman Gruenberg promised that all depositors at SVB would be fully protected and have access to their money starting Monday. The FDIC-administered successor Silicon Valley Bridge Bank, N.A., began operations on March 13, 2023, and assumed other ongoing business. This stands as the second-largest bank failure in U.S. history.
Learn more about Zynerba Pharmaceuticals at www.zynerba.com
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