After Disappointing Data, Imara Offloads It Sickle Cell Candidate, Shares Surge

Imara Inc IMRA has agreed to divest tovinontrine (IMR-687) and all other assets related to its PDE9 program to Cardurion Pharmaceuticals Inc.
In addition to $250,000 previously paid by Cardurion upon execution of a non-binding term sheet, the aggregate purchase price consists of an upfront payment of $34.75 million and $60 million as milestone payments.
In case of termination, the company would be obligated to pay a fee of $1.5 million Cardurion.
In April, Imara posted interim analyses of its Ardent Phase 2b trial of tovinontrine (IMR-687) in sickle cell disease (SCD) and Forte Phase 2b trial in beta-thalassemia.
No meaningful benefit was observed in transfusion burden in either tovinontrine group compared to the placebo in the beta-thalassemia study.
Imara announced discontinuing the Ardent and Forte trials and further developing tovinontrine in sickle cell disease and beta-thalassemia.
Price Action: IMRA shares are up 37.60% at $1.61 during the premarket session on the last check Wednesday.