Methodology

All entries for: IGM Biosciences

January 10, 2025

IGM Biosciences

Discontinued Drug, Discontinued Research, Layoffs

Mountain View, CA
201-500 employees

“Staff cuts will leave IGM Biosciences with 37 employees. The company is also halting development of two bispecific antibody T cell engagers for autoimmune diseases.
IGM Biosciences is cutting 73% of its workforce and stopping development of two autoimmune drug candidates, the biotech announced Jan. 9…

Regarding its pipeline, IGM is halting work on imvotamab and IGM-2644, bispecific antibody T cell engagers for autoimmune diseases. In the company’s announcement, IGM CEO Mary Beth Harler said interim data from Phase Ib studies of imvotamab in rheumatoid arthritis and systemic lupus erythematosus showed that the depth and consistency of B cell depletion didn’t meet the biotech’s bar for success. She noted that IGM would discontinue IGM-2644 due to strategic considerations.

The biotech is also considering its next business move so it can maximize shareholder value, in part by evaluating “internal options as well as potential strategic alternatives,” according to the release, which stated that IGM has about $183.8 million in cash and investments as of Dec. 31.”

1 Discontinued Drug: IGM-2644, bispecific antibody T cell engager for autoimmune diseases
1 Discontinued Research Program

Disease Area: Chronic Disease, Immune Diseases, Multiple
Drug Type: Biologic
Source
December 5, 2023

IGM Biosciences

Discontinued Drug, Discontinued Research, Layoffs

Mountain View, CA
201-500 employees

“The Company will continue to focus on the development of oncology and immunology and inflammation product candidates under its collaboration with Sanofi. In conjunction with this strategic refocusing, the Company will be reducing its workforce by approximately 22 percent…

“IGM continues to have a tremendous opportunity to transform a variety of disease areas using an entirely new class of antibody medicines,” said Fred Schwarzer, Chief Executive Officer of IGM Biosciences. “Although we are very encouraged by the clinical and preclinical data that we have generated for the programs we are halting, given the difficult conditions in the capital markets for our industry, we have decided to focus our capital resources on those opportunities that we believe have the most potential to produce significant near-term value. We are very sorry that some of our dedicated and talented employees will be leaving IGM as part of this strategic refocusing, and we wish to extend our sincere thanks and assistance to them in this difficult transition.”…

As a part of this strategic refocusing, the Company will halt the following clinical development activities:

Aplitabart in acute myeloid leukemia and in combination with birinapant
IGM-2644 (CD38 x CD3) in multiple myeloma
IGM-2537 (CD123 x CD3)
IGM-7354 (IL-15 x PD-L1)”

4 Discontinued Drugs: Aplitabart in acute myeloid leukemia (biologic), IGM-2644 (CD38 x CD3) in multiple myeloma (biologic), IGM-2537 (CD123 x CD3) (biologic), IGM-7354 (IL-15 x PD-L1) (biologic)
4 Discontinued Research Programs

Disease Area: Oncology
Drug Type: Biologic
Source
November 13, 2023

IGM Biosciences

Negative Outlook

Mountain View, CA
201-500 employees

“The implementation of cost containment measures, including the prescription drug provisions under the Inflation Reduction Act, as well as other healthcare reforms may prevent us from being able to generate revenue, attain profitability, or commercialize our product candidates if approved.”

Disease Area: Multiple, Oncology
Drug Type: Biologic, Small Molecule
Source
August 3, 2023

IGM Biosciences

Negative Outlook

Mountain View, CA
201-500 employees

“The implementation of cost containment measures, including the prescription drug provisions under the Inflation Reduction Act, as well as other healthcare reforms may prevent us from being able to generate revenue, attain profitability, or commercialize our product candidates if approved.”

Disease Area: Multiple, Oncology
Drug Type: Biologic, Small Molecule
Source
May 12, 2023

IGM Biosciences

Negative Outlook

Mountain View, CA
201-500 employees

“The implementation of cost containment measures, including the prescription drug provisions under the Inflation Reduction Act, as well as other healthcare reforms may prevent us from being able to generate revenue, attain profitability, or commercialize our product candidates if approved.”

Disease Area: Multiple, Oncology
Drug Type: Biologic, Small Molecule
Source
November 3, 2022

IGM Biosciences

Negative Outlook

Mountain View, CA
201-500 employees

Potential “Material Adverse Effect”: “The implementation of cost containment measures, including the prescription drug provisions under the Inflation Reduction Act, as well as other healthcare reforms may prevent us from being able to generate revenue, attain profitability, or commercialize our product candidates if approved. Complying with any new legislation and regulatory changes could be time-intensive and expensive, resulting in a material adverse effect on our business”

Disease Area: Multiple, Oncology
Drug Type: Biologic, Small Molecule
Source
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