IVA - Inventiva stock dips as AbbVie abandons cedirogant program for autoimmune disease

• Inventiva ( NASDAQ: IVA ) ( OTCPK:IVEVF ) said AbbVie ( NYSE: ABBV ) has decided to stop the development of cedirogant (ABBV-157) to treat autoimmune diseases after analysis of a nonclinical toxicology study.
• In 2012, the two companies entered a collaboration to identify potent RORg inverse agonists to treat several autoimmune diseases. The companies discovered cedirogant, which was being evaluated in a phase 2 trial at the time of AbbVie's decision to discontinue further clinical development, Inventiva added.
• "We are now fully focused on the development of our lead asset lanifibranor, a promising treatment which is currently in Phase III clinical development for the treatment of NASH," said Inventiva Co-Founder, Chairman and CEO Frédéric Cren.
• Inventiva noted that its cash runway, including the expected $12M upfront from Sino Biopharm and €25M from the EIB credit facility, is not impacted by the discontinuation of the cedirogant program and should allow to fund as previously announced operations through Q4 2023.
• IVA -2.23% to $5.70 premarket Oct. 31

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