Hookipa Pharma announces workforce reduction of 80%, pause of eseba-vec program

TipRanks11-22 19:35

In a regulatory filing on Wednesday, Hookipa Pharma (HOOK) announced that on November 18, the company approved a plan to continue to improve its cost structure and operating efficiency, which includes...

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The company expects to begin the implementation of the Restructuring Plan in the fourth quarter of 2024 and expects the Restructuring Plan to be substantially completed by the end of the first half of 2025. In connection with the Restructuring Plan, in an effort to rebalance the company’s cost structure in alignment with the company’s strategic refocus and development of its oncology portfolio, the company also announced that it will pause clinical development in its eseba-vec program for the treatment of Human Papillomavirus 16-positive head and neck cancers, including an early termination of the company’s ongoing Phase 1/2 clinical trial for the treatment of HPV16+ cancers. The company’s early termination of its ongoing Phase 1/2 clinical trial for the treatment of HPV16+ is not due to lack of efficacy or adverse safety profiles. While the company will continue to seek partnering opportunities for the eseba-vec program, the company will focus primarily on progressing the phase 1-ready HB-700 program for the treatment of KRAS mutant cancers. In April 2024, the Company received Investigational New Drug clearance from the U.S. Food and Drug Administration for HB-700 for the treatment of KRAS mutated cancers, including, lung, colorectal and pancreatic cancers. Notwithstanding the company’s Restructuring Plan and the immediate pause of the eseba-vec program, the company continues to enroll patients in its ongoing Phase 1b clinical trial related to its Human Immunodeficiency Virus program, HB-500, being developed in a partnership with Gilead Sciences (GILD). In addition, the company continues to support its Hepatitis B program, HB-400, which is also being developed in a partnership with Gilead.\n\nDon't Miss our Black Friday Offers:\n\nUnlock your investing potential with TipRanks Premium - Now At 40% OFF!\nMake smarter investments with weekly expert stock picks from the Smart Investor Newsletter\n\n\n\nPublished first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>\n\n\nSee the top stocks recommended by analysts >>\n\n\nRead More on HOOK:\n\nHookipa Pharma price target lowered to $48 from $50 at RBC Capital\nHookipa Pharma Reports Q3 Earnings Amid Strategic Changes\nClosing Bell Movers: Applied Materials down 6% after earnings, guidance\nHookipa Pharma reports Q3 EPS ($1.10), consensus ($1.90)\nJMP Securities healthcare analysts hold an analyst/industry conference call","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"Executive Changes","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2485225988"}