IGMS - IGM Biosciences Announces Strategic Pipeline Prioritization and Cash Runway Extension | Benzinga
– Priorities: clinical development of DR5 agonist in colorectal cancer and T cell engagers in autoimmune disease –
– Plans to file IND for IGM-2644 (CD38 x CD3) to treat autoimmune disease –
– All clinical development in hematologic oncology indications halted –
– Cash runway expected to extend into second quarter 2026 –
– Reduction in workforce of approximately 22 percent –
MOUNTAIN VIEW, Calif., Dec. 05, 2023 (GLOBE NEWSWIRE) -- IGM Biosciences, Inc. (NASDAQ:IGMS), a clinical-stage biotechnology company creating and developing engineered IgM antibodies, today announced that it will focus its resources in two strategic areas: (i) treating colorectal cancer using IgM death receptor 5 (DR5) agonist antibodies, and (ii) treating autoimmune diseases using IgM T cell engager antibodies. As an expansion of its autoimmune efforts, the Company also announced today that it plans to file an Investigational New Drug (IND) application 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, the Company is halting all hematologic oncology clinical development as well as the clinical development of its targeted cytokine product candidate. The Company will continue to focus on the development of oncology and immunology and inflammation product candidates under its collaboration with Sanofi. In conjunction with this strategic refocusing, the Company will be reducing 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.
"IGM continues to have a tremendous opportunity to transform a variety of disease areas using an entirely new class of antibody medicines," said Fred Schwarzer, Chief Executive Officer of IGM Biosciences. "Although we are very encouraged by the clinical and preclinical data that we have generated for the programs we are halting, given the difficult conditions in the capital markets for our industry, we have decided to focus our capital resources on those opportunities that we believe have the most potential to produce significant near-term value. We are very sorry that some of our dedicated and talented employees will be leaving IGM as part of this strategic refocusing, and we wish to extend our sincere thanks and assistance to them in this difficult transition."
Pipeline Update:
Aplitabart (DR5 ...