Former Tillman Gerngross Covid-19 antibody startup cuts costs and headcount again, one month after rebrand
17 Oct 2022
CollaborateAntibody
The company formerly known as Adagio has run into another speed bump.
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Source: Endpts
Jane Henderson
Invivyd, which rebranded last month in an attempt to shed its troubled reputation, is finding it difficult to chart its new path — the biotech announced last Thursday that CFO and CBO Jane Henderson will depart, as well as chief commercial officer Eric Kimble. Invivyd is also laying off staff, though did not specify how many in a press release or SEC filing.
Endpoints News has reached out about Invivyd’s proposed “headcount changes,” and will update this story accordingly should we hear back.
At the start of the pandemic, Invivyd-then-Adagio emerged with antibody pioneer Tillman Gerngross at the helm, promising to create a pan-coronavirus antibody. The biotech quickly raised $750 million to try to accomplish its mission as Gerngross, who prominently criticized the country’s lack of pandemic preparedness in the years before Covid-19, capitalized on a possible one-size-fits-all therapy.
But the company’s dreams were dashed as the Omicron variant emerged. Researchers reported a “300-fold” drop in the antibody’s ability to neutralize the virus last December, and Gerngross left the biotech in February.
There were few details about his departure, only that he “agreed to resign in principle,” per an SEC filing at the time.
After raising more than $750M in quick Covid cash, Tillman Gerngross is on his way out of troubled Adagio
Nevertheless, execs pressed forward with their FDA pitch, attempting to submit the antibody for EUA in late March. But just two weeks after announcing such intent, Adagio paused its submission indefinitely, citing feedback from the agency. In subsequent press releases, the biotech has said it possesses an “at-the-ready” submission should other variants emerge that are sensitive to the therapy, known as adintrevimab.
Before it could get to that, however, the company rebranded as Invivyd last month and unveiled a new Covid-19 antibody program it hopes will have a better shot. The new NVD200 combines two monoclonal antibodies aimed at Omicron variants and studies, as of September’s rebrand, are expected to begin in the first quarter of 2023.
To replace Henderson, Invivyd has appointed Fred Driscoll as interim CFO. A search has begun to seek a full-time replacement, as well as a new business development chief.
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