Igm Biosciences, Inc. has announced a strategic pivot to focus exclusively on the development of T cell engaging antibodies for the treatment of autoimmune diseases. The company's lead candidates include imvotamab, a CD20 x CD3 bispecific T cell engager being developed for rheumatoid arthritis, systemic lupus erythematosus, and myositis, as well as igm-2644, a CD38 x CD3 bispecific T cell engager expected to enter a clinical study for generalized myasthenia gravis by the end of 2024.
The company has extended its cash runway into 2027, indicating a strong financial position to support its strategic shift. As part of this pivot, Mary Beth Harler, M.D., an industry veteran with extensive experience in delivering innovative therapies in autoimmunity, has been appointed as the Chief Executive Officer and to the board of directors.
In terms of corporate changes, Fred Schwarzer, Chief Executive Officer, President, and Director, and Bruce Keyt, Ph.D., Chief Scientific Officer, will step down from their current roles, while Chris Takimoto, M.D., Ph.D., F.A.C.P., Chief Medical Officer, is also stepping down from his current role to pursue an opportunity outside the company.
The company also announced its decision to minimize future spending on aplitabart, a death receptor 5 agonist, and other oncology candidates, redirecting its focus and resources towards autoimmune diseases.
The press release also mentioned that the company will host a conference call and live webcast to provide an update on its strategic pivot at 4:30 p.m. EDT on September 30, 2024.
The market has reacted to these announcements by moving the company's shares 7.3% to a price of $15.99. For the full picture, make sure to review IGM Biosciences's 8-K report.
