IGM Biosciences to cut 73% of workforce

IGM Biosciences to cut 73% of workforce as latest pivot fails to pan out
IGM Biosciences is again cutting staff as it scraps an autoimmune-drug trial after failing to achieve the desired results.
IGM Biosciences Halts Development Of Imvotamab, IGM-2644; To Lay Off 73% Of Workforce
The company is currently evaluating internal options as well as potential strategic alternatives with the goal of maximizing value for its shareholders. The company also announced that it is reducing its workforce by about 73% to preserve cash.
IGM Biosciences cuts workforce, halts a couple of product developments
IGM Biosciences (NASDAQ:IGMS) announced that it is currently evaluating internal options as well as potential strategic alternatives. Under these changes, it will halt further development of imvotamab,
IGM Biosciences Shares Down 69% Following Treatment Development Halt, Workforce Reduction
IGM Biosciences shares dived 69% in premarket trading a day after the company said it would halt development of two of its treatments. Shares were trading around $1.94. The stock is up 1.5% on the year.
IGM Biosciences Halts Antibody Therapies, Cuts Workforce
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IGM to slash 73% of workforce, halt two drug programs
IGM Biosciences (NASDAQ:IGMS) is slashing its workforce by 73% and discontinuing development of two of its lead drug candidates, imvotamab and IGM-2644, in the wake of disappointing data. The biotech company said it decided to halt further work on imvotamab due to disappointing Phase 1b results of the drug in the treatment of rheumatoid arthritis
IGM Biosciences to Halt Development of Imvotamab, Cut 73% of Staff
IGM Biosciences has decided to halt development of imvotamab and IGM-2644, two IgM-based bispecific antibody T cell engagers for autoimmune diseases, and cut its staff by 73%. The biotechnology company said interim data from Phase 1b studies showed insufficient B cell depletion for imvotamab in treating rheumatoid arthritis and lupus.
IGM Biosciences Stock: Bad News With No Turnaround In Sight
IGM Biosciences has halted all oncology programs and faces a significant pipeline upheaval. Read why I maintain my Sell ...
BioSpace22h
IGM Biosciences Lays Off 73% of Staff, Shrinks Pipeline
Staff cuts could leave IGM Biosciences with fewer than 55 employees. The company is also halting development of two ...
IGM Biosciences Provides Strategic Update on Autoimmunity Pipeline Programs
Company halting further development of imvotamab (CD20 x CD3) and IGM-2644 (CD38 x CD3)– – Company reducing its workforce by 73% –– Cash and ...
FierceBiotech20h
IGM, Y-mAbs, Passage Bio and more telegraph staff cuts amid restructuring spree
Just two weeks into 2025, January is proving why it’s earned a reputation as the worst month for layoffs. | Just two weeks ...
IGM Biosciences, Inc. (NASDAQ:IGMS) Receives Average Rating of “Moderate Buy” from Analysts
Shares of IGM Biosciences, Inc. (NASDAQ:IGMS – Get Free Report) have been given a consensus rating of “Moderate Buy” by the eight research firms that are currently covering the stock, Marketbeat ...
BioPharma Dive1d
IGM’s autoimmune pivot backfires as top drug disappoints in testing
The biotech will stop developing two drugs and lay off nearly three-quarters of its staff after its lead therapy wasn’t as potent in early testing as the company expected.