IGM Biosciences to Halt Development of Imvotamab, Cut 73% of Staff

Dow Jones

Jan 10, 2025

By Chris Wack

IGM Biosciences has decided to halt development of imvotamab and IGM-2644, two IgM-based bispecific antibody T cell engagers for autoimmune diseases, and cut its staff by 73%.

The biotechnology company said interim data from Phase 1b studies showed insufficient B cell depletion for imvotamab in treating rheumatoid arthritis and lupus.

IGM-2644 is also being terminated following strategic considerations.

The company is now exploring internal options and strategic alternatives to maximize shareholder value, while implementing a 73% workforce reduction to conserve cash.

As of Dec. 31, IGM had $183.8 million in cash and investments.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

January 09, 2025 13:23 ET (18:23 GMT)

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