By Colin Kellaher
Mural Oncology shares more than doubled in premarket trading Tuesday after the clinical-stage immuno-oncology company said it will explore strategic alternatives and shed the bulk of its staff after throwing in the towel on its lead product candidate.
Mural on Tuesday said it is ending all clinical development of its proposed nemvaleukin alfa cancer treatment and focusing on maximizing shareholder value.
The Dublin-based company said it plans to cut 104 jobs, or roughly 90% of its workforce, resulting on costs of $9 million to $10 million.
Mural said the move follows a review of data from its Phase 2 study of nemvaleukin alfa in melanoma, as well as previously announced results from a Phase 3 study in platinum-resistant ovarian cancer.
Mural said it plans to explore potential options, including a sale of the company, adding that it hasn't received any approaches nor is it in active talks with any potential buyer.
Mural sports a market capitalization of about $17.75 million based on Monday's closing price of $1.03, well below the $144.4 million in cash, equivalents and marketable the company had on hand at the end of 2024.
Shares of Mural were recently up 104% to $2.10 in premarket trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
April 15, 2025 08:54 ET (12:54 GMT)
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