Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 31 n° 321

Five Prime Announces Restructuring

Posted by fidest press agency su domenica, 13 ottobre 2019

Five Prime Therapeutics, Inc. (NASDAQ: FPRX), a clinical-stage biotechnology company focused on discovering and developing immune modulators and precision therapies for solid tumor cancers, announced today a corporate restructuring to extend the company’s cash runway without impacting or delaying the data timelines of its clinical programs. The company will retain a small research group focused on advancing three wholly-owned, late-stage research assets and will increasingly rely on outsourcing and contracted capabilities. “My immediate focus as CEO has been to conduct a review of Five Prime’s operations with the goal of ensuring long-term sustainability and value creation,” said William Ringo, Chairman and Interim Chief Executive Officer of Five Prime Therapeutics. “This restructuring provides the cash runway to prioritize future pipeline investments based on clinical data readouts in 2020. It also allows us to evaluate long-term strategies to grow our pipeline. We acknowledge this decision impacts many talented employees who helped build Five Prime into a clinical-stage company. We are grateful for their contributions and hold them in high regard.”
Five Prime Therapeutics, Inc. discovers and develops innovative protein therapeutics to improve the lives of patients with serious diseases. Five Prime’s product candidates have innovative mechanisms of action and address patient populations in need of better therapies. Five Prime has five programs in various stages of clinical development, two of which are partnered with Bristol-Myers Squibb. The company focuses on researching and developing immuno-oncology and targeted cancer therapies paired with companion diagnostics to identify patients who are most likely to benefit from treatment with Five Prime’s product candidates. Five Prime has entered into strategic collaborations with leading global pharmaceutical companies and has promising product candidates in clinical and preclinical development.

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