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I-Mab and Bristol Myers team up for cancer drug trial

EditorNatashya Angelica
Published 2024/06/05, 19:10
© Reuters.

ROCKVILLE, Md. - I-Mab (NASDAQ: IMAB), a biotechnology firm specializing in cancer immunotherapies, has announced a collaboration with pharmaceutical giant Bristol Myers Squibb (NYSE: NYSE:BMY) to conduct a clinical trial for advanced gastric and esophageal cancer treatments.

The trial will combine I-Mab's bispecific antibody givastomig with Bristol Myers Squibb’s immune checkpoint inhibitor nivolumab and chemotherapy.

This multinational Phase 1 study will assess the safety and efficacy of the triple-therapy regimen as a first-line treatment for patients with Claudin 18.2-positive tumors, a common characteristic in certain gastric and esophageal cancers. I-Mab will lead the clinical trial, while Bristol Myers Squibb will provide nivolumab, which is designed to enhance T-cell function and improve anti-tumor responses by blocking the PD-L1 protein on cancer cells.

Givastomig, also known as TJ-CD4B/ABL111 or TJ033721, has been developed through a partnership between I-Mab and South Korean biotech company ABL Bio. The bispecific antibody targets Claudin 18.2 as a tumor engager and 4-1BB as a conditional T-cell activator, aiming to stimulate the body's immune response directly at the tumor site.

The collaboration follows promising safety and efficacy data from a monotherapy study of givastomig presented at the European Society of Medical Oncology Congress in 2023. In March 2022, the U.S. Food and Drug Administration (FDA) granted Orphan Drug Designation to givastomig for gastric cancer treatment, including cancer of the gastroesophageal junction.

Raj Kannan, CEO of I-Mab, expressed optimism about the potential of this triple-therapy regimen to drive potent anti-tumor activity. The partnership aims to leverage the unique properties of givastomig and the established efficacy of nivolumab in a combined therapeutic approach.

This article is based on a press release statement.

InvestingPro Insights

As I-Mab (NASDAQ: IMAB) embarks on a pivotal clinical trial in partnership with Bristol Myers Squibb (NYSE: BMY), investors and industry observers are closely monitoring the company's financial health and market performance. According to InvestingPro data, I-Mab holds a market capitalization of $151.72 million, which is reflective of investor sentiment and the company's potential growth prospects in the biotechnology sector.

Notably, the company's revenue has shown a significant uptick, with a growth of 112.48% over the last twelve months as of Q4 2023. This surge is indicative of I-Mab's ability to generate income, which could be further bolstered by successful clinical outcomes and potential commercialization of their therapies.

Moreover, the company's price has experienced a notable increase of 25.33% over the last six months, underscoring the market's response to its developmental milestones and strategic partnerships.

InvestingPro Tips highlight that I-Mab holds more cash than debt on its balance sheet, providing a buffer for operational expenses and research development. Furthermore, the company's liquid assets exceed its short-term obligations, underlining a position of financial stability that can support its ambitious clinical endeavors.

Despite these strengths, analysts do not anticipate the company to be profitable this year, and the company has not been profitable over the last twelve months. This is a common scenario for many biotech firms in the growth phase, where investments in research and development are substantial.

For investors interested in a deeper analysis of I-Mab's financials and future prospects, InvestingPro offers additional tips, with a total of 5 tips available to guide investment decisions. To access these insights and more, visit InvestingPro and consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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