- Ambrx Biopharma Inc AMAM will prioritize ARX517 as the company’s new lead asset. The Company believes that ARX517 has the potential to be the first ADC therapy specifically targeting prostate-specific membrane antigen (PSMA) for the treatment of prostate cancer.
- In August 2021, Ambrx administered ARX517 to the first patient in a Phase 1a clinical trial in patients with PSMA-expressing tumors.
- In doing so, the Company will pause development of the Ambrx-sponsored clinical trials of ARX788.
- Instead, Ambrx will continue to work with NovoCodex and seek one or more partners outside of China to further develop ARX788.
- Related: Ambrx Announces Abrupt Leadership Change and Discusses Pipeline Review.
- Additional pipeline programs, ARX305 (anti-CD70 ADC) and ARX102 (intelligent PEG-IL2), continue to be developed.
- Ambrx will reduce its workforce by approximately 15%.
- The Company’s search for a permanent Chief Executive Officer to lead Ambrx is ongoing. Until then, Kate Hermans will continue to serve as interim CEO.
- Ambrx expects to have $129.7 million in cash on June 30th to fund operations through 2025.
- Price promotion: AMAM shares closed at $1.32 on Tuesday.
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