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Amid Second Quarter Financial Results, Atreca Halts Development of Lead Drug
Company to focus on improving earlier stage antibody-drug conjugate candidates
Atreca, a clinical-stage biotechnology company, has announced its second quarter financial results. In order to reduce expenses, the organization revealed a plan to reduce expenses and implement cost-saving measures. As a part of the reorganization, Atreca will be reducing its workforce by an estimated 40 percent and suspending development of lead drug candidate ATRC-101. According to a company press release, operations will now focus on advancing current preclinical antibody-drug conjugate (ADC) candidates while preserving core discovery capabilities.
“In order to extend our cash runway and focus on our preclinical ADC development efforts, we are suspending development of ATRC-101,” said John Orwin, CEO, Atreca, in the previously mentioned release. “We are proud of our work in advancing ATRC-101 into the clinic and are encouraged by the activity and safety profile that we observed, validating the ability of our discovery platform to generate novel, tumor-targeting product candidates. Nevertheless, given both development requirements and financial considerations, we believe that the best path forward for the asset is with a larger partner, and as a result, we are suspending development and evaluating potential out-licensing opportunities. Our preclinical ADC pipeline, led by APN-497444, will continue to advance, and we are working towards declaring a clinical candidate from this program in the coming months.”
Reference: Atreca Reports Second Quarter 2023 Financial Results and Announces Corporate Restructuring. Atreca. August 10, 2023. Accessed August 11, 2023. https://ir.atreca.com/news-releases/news-release-details/atreca-reports-second-quarter-2023-financial-results-and
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