- Nektar Therapeutics NKTR announced a strategic plan to reprioritize assets and restructure costs.
- Regarding clinical programs, Nektar will prioritize the development of rezpegaldesleukin (Rezpeg), either in collaboration with current partner Eli Lilly And Co LLY or potentially on its own in the future.
- Phase 1b results of Rezpeg in atopic dermatitis were cited as support for the continued development of the asset.
- In February, the company reported topline data from the Phase 2 study of Rezpeg in systemic lupus erythematosus patients, demonstrating that the trial missed the primary endpoint.
- Also Read: After Bristol Myers Cuts Ties, Nektar Implements Cost Restructuring.
- In addition, the company will continue to evaluate NKTR-255, a PEGylated IL-15, in two Phase 2 trials, one in diffuse large B-cell lymphoma and one in bladder cancer (the JAVELIN Bladder Medley study, in collaboration with partner Merck KGaA MKGAF MKKGY.
- Nektar also plans to file an IND for one or both of two preclinical candidates in autoimmune diseases in 2024.
- The company’s workforce in San Francisco will be decreased by roughly 60% to a total headcount of 55.
- The cost restructuring efforts are expected to extend the cash runway into the middle of 2026.
- Brian Kotzin, Chief Medical Officer, will be stepping down but will continue to serve as a strategic advisor. Mary Tagliaferri, the current Chief Development Officer, will assume the role of Chief Medical Officer.
- Jillian Thomsen will resign from her CFO role and depart the company in June. The company has appointed Sandra Gardiner as the new acting CFO.
- William Blair writes that based on rezpeg’s clinical profile presented to date (especially with two setbacks) and the highly competitive autoimmune field, questions from investors could arise regarding the asset’s potential roles in various treatment paradigms.
- The analyst notes that to alter investor perception, management will likely require meaningful business development opportunities to replenish the pipeline.
- Price Action: NKTR shares closed 6.26% higher at $0.9831 on Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
|---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
