JERUSALEM - Nectin Therapeutics, Ltd., an Israeli biotech firm specializing in cancer immunotherapies, has entered into a global exclusive license agreement with Immunome Inc. (NASDAQ:IMNM), granting the latter rights to a series of monoclonal antibodies for an undisclosed target. This partnership aligns with Nectin's strategy to advance its proprietary anti-PVR program and novel antibody drug conjugates (ADCs) into clinical development.
Under the agreement announced today, Immunome will handle the research, development, manufacturing, and commercialization of products derived from these antibodies. Nectin Therapeutics will receive an upfront payment, with additional potential for milestone payments and royalties.
Fabian Tenenbaum, CEO of Nectin, expressed confidence in Immunome's ability to further the development of these assets, citing their team's track record in novel ADC therapies. Clay Siegall, President and CEO of Immunome, highlighted the aim to harness innovative linker-payload technology with high-quality antibodies to create transformative cancer treatments.
Nectin's focus remains on its NTX1088 clinical study, targeting tumor types with high unmet medical needs, while also progressing its ADCs through clinical trials. The company's portfolio addresses resistance mechanisms in current immune oncology therapies through a diverse array of monoclonal antibodies and ADCs.
The financial terms of the deal have not been disclosed, and the specific target of the antibodies remains confidential. This collaboration is part of Nectin's broader efforts to develop next-generation immune oncology therapies to improve efficacy and patient response rates in various cancers.
This news is based on a press release statement from Nectin Therapeutics.
In other recent news, Immunome Inc., a biotechnology firm, has made significant strides in its leadership and product development. The company has appointed Dr. Phil Tsai as Chief Technical Officer, bringing nearly 30 years of experience in product development and process optimization, and Max Rosett has been promoted to the permanent position of Chief Financial Officer, having successfully orchestrated a merger with Morphimmune and secured partnerships with Zentalis and Ayala.
Immunome also welcomed Kinney Horn as its new Chief Business Officer and Dr. Sandra M. Swain, a seasoned clinical researcher with over three decades of experience in oncology, to its Board of Directors.
These appointments come as the company progresses with its pipeline of targeted cancer therapies. Notably, the Phase 3 trial for AL102 in treating desmoid tumors is fully enrolled, and two Investigational New Drug (IND) applications are expected to be filed in the first quarter of 2025.
In an analysis by JPMorgan, Immunome received an Overweight rating, with the firm noting the potential of Immunome's AL102 for desmoid tumors and expressing optimism for the upcoming milestones, particularly the Phase 3 RINGSIDE trial data expected in the first quarter of 2025. These developments highlight Immunome's strategic growth and its commitment to advancing its pipeline of targeted cancer therapies.
InvestingPro Insights
As Immunome Inc. (NASDAQ:IMNM) embarks on its new partnership with Nectin Therapeutics, investors are closely monitoring the financial health and market performance of the company. According to InvestingPro, Immunome holds more cash than debt on its balance sheet, which could provide financial flexibility to support the development and commercialization of the licensed antibodies. Additionally, the company's stock has experienced a significant return over the last week.
Despite the optimism surrounding the new agreement, it's important to consider that analysts anticipate a sales decline in the current year for Immunome. Moreover, the company's gross profit margins have been weak, with a gross profit margin of -171.08% in the last twelve months as of Q1 2024. This could be a challenge as Immunome takes on the costs associated with advancing the anti-PVR program and ADCs through various stages of development.
InvestingPro Data metrics reveal a dynamic picture of Immunome's market presence with a market capitalization of 909.73M USD. The company's price-to-earnings (P/E) ratio stands at -1.91, reflecting investor sentiment about future earnings potential. Furthermore, the revenue growth has been notable, with an increase of 436.51% in the last twelve months as of Q1 2024, although the quarterly revenue growth shows a decline of -56.47%.
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