Shares in iTeos Therapeutics rocketed 24% higher today as it announced plans to wind-down its operations.
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Cancer Treatments
The clinical stage biopharmaceutical company said it was exploring selling its assets, including experimental cancer treatments known as EOS 984 and EOS 215.
These, according to iTeos, have the potential to further increase patient responses to standard cancer therapies, including immunotherapy. Another potential asset up for sale is a preclinical obsesity program.
Britain’s GSK and iTeos Therapeutics said earlier this month that they had stopped developing belrestotug, after the experimental lung cancer drug failed to stop the disease from progressing in two studies.
iTeos’ decision to wind down comes after its board of directors conducted a review of the company’s developmental pipeline, financial standing and business prospects.
Uncertain Timeline
The company plans to leverage its cash reserves to provide near-term shareholder value while shutting down its clinical and operational activities.
The drug developer did not provide a specific timeline for the wind-down process or disclose any details regarding potential buyers for its assets.
However, according to industry experts, it is understood that iTeos expects to complete the wind-down in the third quarter.
Employee termination costs – for 173 full time staff – are expected to come in at $24.7 million.
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