By Adriano Marchese
Achilles Therapeutics said it will begin cost-cutting measures, including layoffs, as part of its strategic update, and that it was canceling its two cancer drug trial programs.
The London, U.K.-based, New York-listed clinical-stage biopharmaceutical said Thursday that it has also engaged Bank of America Securities as a financial advisor to explore and review value-maximizing strategies.
"The process of exploring strategic alternatives may include, but is not limited to, an acquisition, merger, reverse merger, business combination, asset sale, licensing, or other transactions," it said.
As of June 30, Achilles Therapeutics said it had $95.1 million in cash and cash equivalents.
The company also said it has discontinued its TIL-based cNeT program and closed the phase 1/2a Chiron and Thetis clinical trials after studies didn't meet their goals for commercial viability.
The TIL-based cNeT program stands for tumor infiltrating lymphocyte-based clonal neoantigen reactive T-cell, a treatment that uses the body's own immune system to fight certain forms of cancer. In this case, lung cancer and melanoma.
Achilles Therapeutics said that it will consider engaging third parties who are developing alternative methods to target clonal neoantigens for the treatment of cancers.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
September 19, 2024 07:44 ET (11:44 GMT)
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