NexImmune to lay off over half of its employees

01 Sep 2023
www.pharmaceutical-technology.com
Gene TherapyPhase 1ImmunotherapyFinancial StatementCell Therapy
NexImmune to lay off over half of its employees
Preview
Source: Pharmaceutical Technology
Phalguni Deswal
@Phalguni_GD
NexImmune to lay off over half of its employees
Preview
Source: Pharmaceutical Technology
NexImmune had reported a significant reduction in its cash reserves in the last six months. Image Credit: DesignPrax / Shutterstock.
NexImmune to lay off over half of its employees
Preview
Source: Pharmaceutical Technology
NexImmune became the latest in a row of companies to announce layoffs as a cash-reduction measure this year, as it is reducing its workforce by 53% as of 5 September 2023.
The US-based company will lay off 25 of its full-time employees along with its CFO, John Trainer, but Trainer will stay as a consultant. NexImmune had reported a significant reduction in its cash reserves in the last six months. As per the company’s Q2 financials, it only had $16.3m remaining as of 30 June, compared to $34.6m on 31 December 2022.
The company also has paused the development of its three adoptive T cell therapies that use T cells harvested from tumours, which are then activated and expanded before reinfusion to target and destroy cancer cells.
NEXI-002 is in a Phase I/II trial (NCT04505813) for treating relapsed refractory multiple myeloma, but trial enrolment was paused in 2022 to ‘prioritise resources’. NEXI-001 is in a Phase I/II clinical trial (NCT04284228) for the treatment of acute myeloid leukaemia (AML) and myelodysplastic syndrome (MDS) while NEXI-003 is being evaluated in the Phase I study (NCT05582590) in patients with relapsed or refractory locally advanced or metastatic HPV-related oropharyngeal cancers. These clinical trials have also been paused, as per the company’s website.
NexImmune CEO Kristi Jones stated: “The workforce reduction protects our core capabilities to advance novel therapeutic candidates and our multiplex validation of functional antigen-specific T cell responses while giving us additional flexibility to manage our business.”
NexImmune’s pipeline also includes Aim Inj, an “off-the-shelf” antigen-specific injectable immunotherapy, currently in pre-clinical development in multiple sclerosis, type 1 diabetes, and other autoimmune disorders.
Cell & Gene Therapy coverage on Pharmaceutical Technology is supported by Cytiva. Editorial content is independently produced and follows the highest standards of journalistic integrity. Topic sponsors are not involved in the creation of editorial content.
Free WhitepaperCell and gene therapies: Pipe dream to pipeline The cell and gene industry is gaining momentum, with a new wave of therapies promising to transform the way doctors treat, and even cure, disease. In this report, Cytiva and GlobalData have collaborated to explore the rise of the cell and gene therapy industries, the current state of the market, present and future opportunities for advancement, and the challenges that lie ahead.By Cytiva Thematic
NexImmune to lay off over half of its employees
Preview
Source: Pharmaceutical Technology
-->
By downloading this case study, you acknowledge that GlobalData may share your information with Cytiva Thematic and that your personal data will be used as described in their Privacy Policy
For more details,please visit the original website
The content of the article does not represent any opinions of Synapse and its affiliated companies. If there is any copyright infringement or error, please contact us, and we will deal with it within 24 hours.
Organizations
Indications
Targets
-
Drugs
Get started for free today!
Accelerate Strategic R&D decision making with Synapse, PatSnap’s AI-powered Connected Innovation Intelligence Platform Built for Life Sciences Professionals.
Start your data trial now!
Synapse data is also accessible to external entities via APIs or data packages. Leverages most recent intelligence information, enabling fullest potential.