Arbutus Will Cease Discovery Efforts And Discontinue Its IM-prove 3 Clinical Trial To Focus On Imdusiran And AB-101, The Company Will Reduce Its Workforce By 40% Incur One-time Restructuring Charge Of Approximately $3M-$4M To Be Recorded In Q3 Of 2024
Portfolio Pulse from Benzinga Newsdesk
Arbutus Biopharma (ABUS) will cease discovery efforts and discontinue its IM-prove 3 clinical trial to focus on Imdusiran and AB-101. The company will reduce its workforce by 40% and incur a one-time restructuring charge of approximately $3M-$4M in Q3 2024. These changes, along with ongoing cost management, are expected to fund operations into Q4 2026. Litigation updates include a trial date set for April 21, 2025, against Moderna and ongoing litigation against Pfizer/BioNTech.
August 01, 2024 | 11:35 am
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Arbutus Biopharma will cease discovery efforts and discontinue its IM-prove 3 clinical trial to focus on Imdusiran and AB-101. The company will reduce its workforce by 40% and incur a one-time restructuring charge of approximately $3M-$4M in Q3 2024. These changes, along with ongoing cost management, are expected to fund operations into Q4 2026. Litigation updates include a trial date set for April 21, 2025, against Moderna and ongoing litigation against Pfizer/BioNTech.
The decision to cease discovery efforts and discontinue the IM-prove 3 trial indicates a strategic shift to focus on more promising assets, which could be seen positively by investors. The workforce reduction and restructuring charge are short-term negatives but are offset by the extended operational funding into Q4 2026. The ongoing litigation could introduce some uncertainty, but the set trial date against Moderna provides a timeline for resolution.
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