Ambrx Biopharma Inc - AMAM STOCK NEWS

Ambrx Biopharma Inc. (NYSE: AMAM) has announced the dosing of the first patient in the Phase 1 clinical trial of ARX305, an anti-CD70 antibody drug conjugate, in partnership with NovoCodex. This milestone triggers a significant portion of the $4 million in milestone payments to Ambrx. NovoCodex is funding Ambrx’s Phase 1 development of ARX305, which targets tumors expressing CD70. Ambrx plans to utilize safety data from NovoCodex's trial to inform its own upcoming Phase 1a trial, scheduled for late 2023, enhancing efficiency and reducing costs.

Ambrx Biopharma Inc. (NYSE: AMAM) announced the appointment of Daniel O’Connor as the new Chief Executive Officer. O’Connor, who has over 23 years in the biopharmaceutical sector, will lead the company in developing ARX517, a potential therapy targeting prostate cancer. His experience includes leadership roles in oncology-focused firms and overseeing numerous clinical trials. The board expressed confidence in his ability to steer Ambrx’s strategic direction and thanked interim CEO Kate Hermans for her contributions during the transition.

Ambrx Biopharma (NYSE: AMAM) announced a strategic reprioritization focused on cancer therapies, particularly the lead asset ARX517 targeting prostate cancer. The company will pause development of ARX788 due to competitive challenges and seek external partnerships. This change aims to extend the cash runway into 2025, with projected cost reductions. Ambrx aims to streamline operations with a 15% workforce reduction while retaining key talent. Upcoming milestones include interim Phase 1a data for ARX517 in late 2023 and IND submission for ARX102 in early 2024.

Ambrx Biopharma Inc. (AMAM) will host a corporate update conference call and webcast on October 18, 2022, at 2:00 p.m. PT to discuss outcomes from its strategic review initiated in August 2022. The company focuses on developing Engineered Precision Biologics through its expanded genetic code technology. Interested participants can register via the investor relations section of www.ambrx.com. A replay will be available for 90 days post-call.

Ambrx Biopharma Inc. (NYSE: AMAM) appointed Kate Hermans as Interim CEO, succeeding Feng Tian. The company reported a revenue decline to $2.9 million for H1 2022, down from $5.1 million in H1 2021. R&D expenses rose to $32.8 million, primarily due to increased clinical trial costs. The net loss for the period was $51.5 million, compared to $29.0 million in the previous year. Ambrx received FDA clearance for ARX305 and included ARX788 in a key clinical trial, signaling ongoing commitment to its development pipeline amidst financial challenges.

Ambrx Biopharma (NYSE: AMAM) announced significant leadership changes, appointing Kate Hermans as interim CEO, effective immediately, replacing Dr. Feng Tian, who will stay in an advisory role. Additionally, Katrin Rupalla, Ph.D., has been appointed Chair of the Board, taking over from Dr. Tian. The company will undertake a strategic review of its development pipeline to enhance commercial opportunities and extend its cash runway. Ambrx remains confident in its clinical data and technology, focusing on strengthening partnerships, particularly with NovoCodex in China.

Ambrx Biopharma Inc. (NYSE: AMAM) announced the addition of Edward Hu and Kate Hermans to its Board of Directors. Both bring extensive experience in the pharmaceutical sector, with Hu serving as Global Chief Investment Officer of WuXi AppTec and Hermans as CEO of Hermans International. Their expertise is expected to aid Ambrx in advancing its clinical development pipeline, particularly ARX788. The company develops Engineered Precision Biologics using an expanded genetic code technology platform, targeting various therapeutic areas.

Ambrx Biopharma Inc. (NYSE: AMAM) announced that Feng Tian, Ph.D., will participate in the virtual H.C. Wainwright Preclinical Cancer Drug Discover Conference on June 29, 2022. Dr. Tian's presentation will be available on demand starting at 7:00 AM PT. He will also join a live panel discussion on HER2 treatments at 9:00 AM PT. Interested audiences can access both live and pre-recorded webcasts via the company's website for 90 days.

Ambrx Biopharma (NYSE: AMAM) has appointed Janet Loesberg, Pharm. D., to its Board of Directors. With over 30 years in the pharmaceutical industry, including positions at Blueprint Medicines and Janssen Pharmaceuticals, she is expected to enhance Ambrx’s global strategy and clinical development pipeline. Dr. Loesberg's experience includes significant roles in launching new therapies in various international markets. This leadership change aims to strengthen Ambrx's position as it advances its Engineered Precision Biologics and clinical programs.