EXTON, PA — Immunome, Inc. (Nasdaq: IMNM) recently announced its third-quarter financial results ending September 30, 2023, and provided a corporate update that includes the completion of a significant merger with Morphimmune.
In a transformative deal, Immunome has combined forces with Morphimmune, a private biotech company focused on developing targeted oncology therapeutics. Clay B. Siegall, Ph.D., Chairman and CEO of Immunome, said, “The merger of Immunome and Morphimmune results in a combined company with a highly focused technology platform based upon strong foundational science, coupled with a strong balance sheet, as we push forward in our mission to develop targeted cancer therapies for patients.”
The merger was completed in October 2023, resulting in a newly unified entity featuring synergistic platforms anticipated to enable the development of first-in-class and best-in-class targeted cancer therapies across various modalities and tumor types.
The merger was accompanied by an oversubscribed private placement investment of $125 million, designed to expedite the development of novel targeted cancer therapies. The funding round saw participation from prominent institutional investors such as Enavate Sciences, EcoR1 Capital, Redmile Group, Janus Henderson Investors, Avidity Partners, and Woodline Partners LP.
Regarding upcoming projects, Immunome expects to provide guidance in Q1 2024 about its timeline to submit an Investigational New Drug (IND) application to the FDA for IMM-ONC-01. Additionally, the company anticipates an IND submission with the FDA for 177Lu-FAP in Q1 2025.
On the financial front, Immunome reported collaboration revenue of $4 million for Q3 2023, stemming from the Collaboration Agreement with AbbVie. Research and development (R&D) expenses and general and administrative (G&A) expenses each stood at $4 million for the same period.
The company posted a net loss of $4 million, or $(0.36) per share, for the three months ended September 30, 2023. As of the end of Q3, Immunome had cash and cash equivalents totaling $91 million, including $61 million of PIPE proceeds received in the quarter.
The merger between Immunome and Morphimmune represents a significant stride towards fulfilling the unmet medical needs of cancer patients. With a robust balance sheet and a clear focus on innovative cancer treatments, the combined entity is poised to make notable advancements in the field of oncology therapeutics.
For more information and addtional details, visit www.immunome.com.
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