IGM Biosciences Inc IGMS said it will focus on two strategic areas: treating colorectal cancer using IgM death receptor 5 (DR5) agonist antibodies and treating autoimmune diseases using IgM T cell engager antibodies.
As an expansion of its autoimmune efforts, the company also announced that it plans to file an Investigational New Drug (IND) application in 2024 to begin the clinical development of IGM-2644, its CD38 x CD3 T cell engager antibody, for the treatment of autoimmune diseases.
As part of its strategic refocus, IGM Biosciences is halting all hematologic oncology clinical development and the clinical development of its targeted cytokine product candidate, including:
- Aplitabart in acute myeloid leukemia and combination with birinapant.
- IGM-2644 (CD38 x CD3) in multiple myeloma.
- IGM-2537 (CD123 x CD3).
- IGM-7354 (IL-15 x PD-L1).
The company will continue focusing on developing oncology, immunology, and inflammation product candidates under its collaboration with Sanofi SA SNY.
With this strategic refocusing, the company will reduce its workforce by approximately 22 percent. As a result of these actions, IGM expects to extend its cash runway into the second quarter of 2026.
Price Action: IGMS shares are up 0.93% at $6.49 on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
