Biotechnology company IGM Biosciences, Inc. (IGMS), Thursday announced a strategic update to halt further development of imvotamab, an IgM-based CD20 X CD3 bispecific antibody T cell engager, and IGM-2644, an IgM-based CD38 X CD3 bispecific antibody T cell engager, for autoimmune diseases.
"Preliminary findings from the Phase 1b trials of imvotamab for rheumatoid arthritis and systemic lupus erythematosus indicate that the level and reliability of B cell depletion do not reach our stringent criteria for success," stated Mary Beth Harler, M.D., CEO of IGM Biosciences.
"In light of these results, we have made the decision to halt any further development of imvotamab. I want to express my gratitude to the patients and researchers involved in the imvotamab clinical trials, as well as to our dedicated employees who strive to improve the lives of those affected by autoimmune diseases. Alongside the discontinuation of the imvotamab program, we will also be ending the IGM-2644 project due to strategic reasons."
The organization is in the process of assessing both internal strategies and possible strategic alternatives aimed at enhancing shareholder value. Additionally, the company has revealed plans to cut its workforce by approximately 73% in order to conserve cash resources.
As of December 31, 2024, the company disclosed that its cash and investments totaled around $183.8 million (unaudited).
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