Citing unsatisfactory outcomes in early trials and starting a major personnel reduction as part of its strategy realignment, IGM Biosciences (IGMS, Financials) said it is stopping development of its IgM-based antibody projects. IGMS stock fell 68% during Friday's trading session on the news.
The business is stopping further research on imvotamab, a CD20 x CD3 bispecific antibody, and IGM-2644, a CD38 x CD3 bispecific antibody. Phase 1b rheumatoid arthritis and systemic lupus erythematosus interim results showed inadequate B cell depletion, which IGM's CEO, Dr. Mary Beth Harler, said did not meet the company's "high bar for success."
IGM is reducing its staff by around 73% in order to save money amid a continuous assessment of strategic options. The corporation reported unaudited cash and assets of $183.8 million as of Dec. 31, 2024.
Although these choices are tough, Harler said in a statement that the company is nevertheless dedicated to investigating choices that provide value for stockholders. She also expressed thanks for the work of leaving staff members.
To optimize value, IGM is also looking at both internal and outside strategic paths. Working with Sanofi, the business has a development and commercialization partnership for IgM antibody treatments aiming at immunology and inflammation, according to a company statement.
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