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Genocea bails on genital herpes vaccine, shifts to cancer vaccines, cuts workforce 40%; shares down 53% premarket

Published 09/26/2017, 07:31 AM
© Reuters.  Genocea bails on genital herpes vaccine, shifts to cancer vaccines, cuts workforce 40%; shares down 53% premarket
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  • MIcro cap Genocea Biosciences (NASDAQ:GNCA) craters 53% premarket on light volume in response to its announced strategic shift into neoantigen cancer vaccine development. Its new lead candidate is GEN-009 with an IND planned in Q1 2018 (potential marketing approval is years away). A Phase 1 should be initiated in H1 2018 with initial data expected in H1 2019.
  • The company says it is exploring strategic alternatives for former lead candidate GEN-003, an immunotherapy candidate for genital herpes.
  • Management also plans to cut 40% of its workforce by month-end.
  • Cash and cash equivalents will be sufficient to fund operations into mid-2018.
  • Previously: Genocea reports positive top-line 12-month Phase 2b data for GEN-003 in genital herpes; shares ahead 17% premarket (July 24)
  • Now read: Your Daily Pharma Scoop: Alnylam's Big Win, Aradigm NDA And Rating, EXEL And AZN Japan Expansions

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