Turned back at the FDA, Im­muno­Gen is ax­ing 220 staffers, sell­ing pro­grams and hun­ker­ing down for a new PhI­II gam­ble

Af­ter be­ing stymied by FDA reg­u­la­tors who were un­con­vinced by Im­muno­Gen’s $IMGN des­per­a­tion shot at an ac­cel­er­at­ed OK based on a sec­ondary end­point, the strug­gling biotech is slash­ing its work­force, shut­ter­ing R&D projects and look­ing for buy­ers to pick up some of its ex­per­i­men­tal can­cer as­sets as it goes back in­to a new Phase III with the lead drug.

We found out last month that the FDA had bat­ted back their case for an ac­cel­er­at­ed ap­proval of their an­ti­body-drug con­ju­gate mirve­tux­imab so­rav­tan­sine, which had ear­li­er failed a Phase III study for ovar­i­an can­cer. Now the oth­er shoe is drop­ping.

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