Additional Assay Data Holdup Delays Iovance's Lifileucel Filing Again, CEO Resigns; Shares Plunge

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  • In a brief statement, Iovance Biotherapeutics Inc IOVA company divulged that the FDA wants to see more data on the assays used to ensure each batch of its tumor-infiltrating lymphocyte therapy (TIL) is up to standard, in addition to what was already submitted.
  • This FDA holdup pushed the submission of the lifileucel marketing application for melanoma in the first half of 2022, which amounts to a delay of more than a year from the original timeline of submitting in 2020.
  • Last year in October, regulators wanted more data on the current assays or potentially see different assays in the marketing application.
  • After the setback, the company’s CEO & President Maria Fardis said she would be resigning to pursue other opportunities, as per SEC filing.
  • The company will immediately begin a search for a successor.
  • In the meantime, Frederick Vogt, the company’s current General Counsel, will act as the interim President and CEO.
  • Chardan Capital analyst Geulah Livshits maintained Iovance Biotherapeutics with a Buy rating and lowered the price target from $54 to $51.
  • Price Action: IOVA shares are down 40.2% at $16.14 during the market session on the last check Wednesday.
  • Related content: Benzinga's Full FDA Calendar
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