Penny stock, Merck partner lays off 45% of staff to reach PhII readout by early 2023
05 Oct 2022
ImmunotherapyCollaborate
Another biotech is feeling the chill of the bear market, laying off staff in an effort to preserve cash.
Cancer immunotherapy startup OncoSec Medical announced Tuesday evening it would lay off about 45% of its workforce, or 18 employees, it estimated in an SEC filing. OncoSec made the move to better position the company to complete a Phase II trial for its sole program in melanoma, CEO Robert Arch said in a statement.
“Since joining as CEO my focus has been on reviewing all aspects of our technology and pipeline,” Arch said in a press release. “This led to the conclusion that an operational restructuring and strategic pipeline refocus is the best course of action.”
OncoSec shares $ONCS, well below $1 apiece, did not react much to the news, dropping about 1%.
The New Jersey and San Diego-based biotech is aiming to push drug candidate TAVO-EP through a Phase II study combining it with Keytruda in melanoma patients who previously progressed on the Merck drug or Bristol Myers Squibb’s Opdivo.
With the restructuring, OncoSec says it now feels confident it can complete the trial within the next six months. The biotech updated the timeline for its Phase II results, noting that it plans to separate secondary and primary endpoint readouts. Secondary data will be available by the end of this year, while primary topline data will be ready in 2023’s first quarter.
Both endpoints involve the drug combo’s objective response rate. ORR by blinded independent review is considered the primary, while ORR by investigator assessment is the secondary.
The Phase II trial enrolled 152 patients, but when OncoSec last reported data back in 2018, the study only had nine evaluable. At the time, shares were routed after only two partial responses were seen after 12 weeks.
OncoSec is planning a wide range of applications for TAVO-EP and has signed collaborations with other Big Pharma companies. The biotech is working with Merck to test the combo in triple negative breast cancer, as well as with Bristol Myers to evaluate Tavo and Opdivo in the neoadjuvant setting for melanoma.
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