IUGNF - Imugene partners with Kincell Bio; selling cell therapy manufacturing facility for $6 million
(NewsDirect)
Imugene Ltd (ASX:IMU) managing director and CEO Leslie Chong sitsdown with Proactive’s Jonathan Jackson to discuss the strategicpartnership the company has formed with Kincell Bio, LLC that involvesthe sale of Imugene's Current Good Manufacturing Practice (CGMP)compliant cell therapy manufacturing facility in North Carolina. Thisagreement is set to bolster both companies' positions in theimmunocellular therapy market.Kincell Bio will acquire the facilitywith a total investment of up to US$6 million, which includes upfrontand milestone-driven payments over the next three years. Thisacquisition will enable Kincell Bio to expand its manufacturingcapacity and continue providing high-quality development andmanufacturing support.As part of the deal, Imugene will transferprocess and analytical development activities of its Azer-cel toKincell Bio, streamlining operations and focusing on clinical supplyfor ongoing trials. This move is expected to bring substantialfinancial efficiencies for Imugene, with anticipated savings of US$32million in staff costs, manufacturing efficiencies and overheads overthree years. Additionally, the restructuring will result in a 50%reduction in staff but extend Imugene's cash runway to 2026.Chongexplains the implications of this partnership and how it benefitsupcoming inflection points
ContactDetails
Proactive Investors
JonathanJackson
+61 413 713 744
jonathan@proactiveinvestors.com
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