Protocols

Troubled ImmunoCellular slashes costs, jobs in restructuring; Accelerated Pharma dumps struggling IPO effort

⇨ LA-based ImmunoCellular Therapeutics $IMUC is pushing through a cost-cutting program, slashing staff and facilities in the process. Two board members are also leaving the troubled company. A few weeks ago the floundering biotech was forced to call a halt to patient assignments for its Phase III study after running short of cash to complete the job.

⇨ A day after Ultragenyx was forced to scrap one of its Phase III efforts, the biotech and its partners at Kyowa Hakko Kirin have filed a marketing application at the FDA for burosumab, a new therapy for X-Linked Hypophosphatemia.

⇨ After whittling down its expectations from an IPO from $17 million to a mere $8 million, Westport, CT-based Accelerated Pharma decided to just scrap the effort. The biotech’s S-1 says that they like to find new uses for existing drugs, with a lead effort on new formulations and combinations of the chemo drug Picoplatin.

⇨ Canada’s TRC Capital is out to nab about 2% of Ionis’ shares at a discount price, and the biotech isn’t happy about it. The company says that these gambits are often used to trick investors to give up their shares at below-market rates and wants its shareholders to shun TRC.

The early-stage, non-clinical CRO Envigo is doing a reverse merger with Avista Healthcare Public Acquisition Corp. Envigo expects to list on Nasdaq.

⇨ The diagnostics company Celcuity is out to raise about $15 million in a small IPO.


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