OncoSec Cuts Workforce, Prioritizes Pipeline

OncoSec Medical Inc ONCS announced a corporate restructuring intended to prioritize the development of its lead clinical candidate TAVO (TAVO-EP).
Oncosec is reducing its staff by approximately 45% and prioritizing clinical pipeline activities to reduce operating expenses. The company will focus on clinical activities in melanoma to advance TAVO-EP toward near-term data milestones of the KEYNOTE-695 trial.
OncoSec will provide more detail on the financial implications of the restructuring in Form 10-K due in October.
Top-line results of the secondary endpoint, Objective Response Rate (ORR) by investigator assessment based on RECIST v1.1, are expected in Q4 of 2022.
Top-line results of the primary endpoint, ORR by blinded independent central review based on RECIST v1.1, are expected in Q1 of 2023.
"Since joining as CEO, my focus has been on reviewing all aspects of our technology and pipeline. This led to the conclusion that an operational restructuring and strategic pipeline refocus is the best course of action to accelerate advancing TAVO-EP and preparing for the completion and data readout of our KEYNOTE-695 trial," said Robert Arch, CEO.
Price Action: ONCS shares closed at $0.4850 on Tuesday.