Ambrx Biopharma Stops Working On Breast Cancer Candidate, Cites Competition As The Reason

Ambrx Biopharma Inc AMAM will prioritize ARX517 as the company's new lead asset. The company believes ARX517 has the potential to be the first ADC therapy that specifically targets Prostate Specific Membrane Antigen (PSMA) to treat prostate cancer.
In August 2021, Ambrx dosed the first patient with ARX517 in a Phase 1a clinical trial in subjects with PSMA-expressing tumors.
With this, the company will pause the development of Ambrx-sponsored clinical trials involving ARX788.
Instead, Ambrx will continue to work collaboratively with NovoCodex and seek a partner(s) ex-China to progress ARX788.
Related: Ambrx Announces Abrupt Leadership Change, Discuses Pipeline Review.
Additional pipeline programs, ARX305 (anti-CD70 ADC) and ARX102 (smart PEG-IL2), will continue developing.
Ambrx will reduce its workforce by approximately 15%.
The company's search for a permanent Chief Executive Officer to lead Ambrx is ongoing. Until then, Kate Hermans will continue to serve as interim CEO.
Ambrx expects its cash balance of $129.7 million as of June 30 to fund operations into 2025.
Price Action: AMAM shares closed at $1.32 on Tuesday.