Curated News
By: NewsRamp Editorial Staff
April 16, 2024
Imugene Partners with Kincell Bio, Selling Cell Therapy Manufacturing Facility for $6 Million
TLDR
- Imugene's partnership with Kincell Bio will bolster both companies' positions in the immunocellular therapy market.
- Kincell Bio will acquire Imugene's CGMP compliant cell therapy manufacturing facility, expanding its capacity and providing ongoing support.
- The partnership is expected to bring substantial financial efficiencies for Imugene, resulting in savings of US$32 million and extending the cash runway to 2026.
- Imugene's strategic partnership with Kincell Bio involves the sale of a cell therapy manufacturing facility, streamlining operations and focusing on clinical trials.
Impact - Why it Matters
The partnership between Imugene and Kincell Bio, resulting in the sale of the manufacturing facility, signifies a significant move in the immunocellular therapy market. This development is set to bring substantial financial efficiencies for Imugene and will extend their cash runway to 2026. It also demonstrates the growing importance of strategic partnerships in the biotech industry, which can lead to improved manufacturing capabilities and greater focus on clinical development.
Summary
Imugene Ltd (ASX:IMU) has formed a strategic partnership with Kincell Bio, LLC that involves the sale of Imugene's CGMP compliant cell therapy manufacturing facility in North Carolina. Kincell Bio will acquire the facility with a total investment of up to US$6 million, enabling them to expand their manufacturing capacity and continue providing high-quality development and manufacturing support. As part of the deal, Imugene will transfer process and analytical development activities of its Azer-cel to Kincell Bio, streamlining operations and focusing on clinical supply for ongoing trials. This move is expected to bring substantial financial efficiencies for Imugene, with anticipated savings of US$32 million in staff costs, manufacturing efficiencies and overheads over three years. Additionally, the restructuring will result in a 50% reduction in staff but extend Imugene's cash runway to 2026.
Source Statement
This curated news summary relied on this press release disributed by News Direct. Read the source press release here, Imugene Partners with Kincell Bio, Selling Cell Therapy Manufacturing Facility for $6 Million
