Immunome Announces Completion of Purchase of Assets from Atreca
Immunome (Nasdaq: IMNM) has completed the acquisition of antibodies and related assets from Atreca for $5.5 million upfront and up to $7 million in clinical development milestones. The purchase includes rights to 28 antibodies and various materials, enhancing Immunome's ADC (antibody-drug conjugates) portfolio. Immunome's Chief Scientific Officer, Jack Higgins, emphasizes that the newly acquired antibodies align with their strategy targeting novel and unexplored cancer therapy targets. CEO Clay Siegall mentioned that this acquisition aims to expand Immunome's ADC portfolio cost-effectively and accelerate the development of innovative cancer treatments.
- Immunome acquired 28 antibodies and related assets, strengthening its ADC portfolio.
- Acquisition cost includes $5.5 million upfront and potential $7 million in clinical development milestones, indicating manageable financial commitment.
- The purchase aligns with Immunome's strategy to target novel and unexplored cancer therapy targets.
- Chief Scientific Officer Jack Higgins highlights that the antibodies complement existing discovery programs.
- CEO Clay Siegall states that the acquisition accelerates development efforts for innovative cancer therapies, potentially boosting future revenue and market position.
- Immunome's acquisition entails an upfront cost of $5.5 million, impacting immediate financial liquidity.
- The additional up to $7 million in clinical milestone payments represents a future financial obligation.
- There are inherent risks in integrating and successfully developing the newly acquired assets into marketable therapies.
Insights
The completion of the purchase of assets from Atreca presents several key financial considerations. Immunome paid
Short-term impact:
In the short term, this acquisition could positively affect investor sentiment, given the immediate addition of 28 antibodies to Immunome's pipeline. However, the upfront cost will impact the company’s immediate cash reserves. Investors should monitor how Immunome manages these costs and whether it secures any additional funding or partnerships to offset the financial burden.
Long-term impact:
Long-term, the financial implications hinge on the successful integration and development of these assets into marketable products. The potential
This acquisition is significant for Immunome's medical research trajectory. The addition of 28 antibodies from Atreca enhances Immunome’s capabilities in developing first-in-class and best-in-class targeted cancer therapies, particularly in the ADC space.
Scientific significance:
ADCs are a promising area in oncology, combining the tumor-targeting capabilities of antibodies with the cell-killing power of cytotoxic drugs. The acquired antibodies could provide novel mechanisms of action or target new cancer-related antigens, potentially leading to breakthrough treatments. This aligns well with Immunome’s strategy of pursuing underexplored targets.
Developmental hurdles:
The integration of these antibodies into ongoing discovery programs poses scientific and logistical challenges. Early-stage research will need to validate the effectiveness and safety of these new assets. Furthermore, the translation from preclinical success to clinical viability is complex and fraught with potential setbacks.
This acquisition aligns with Immunome’s market strategy to become a leader in targeted cancer therapies. By acquiring these assets, Immunome aims to enhance its competitive position in the ADC market, which is growing rapidly due to the high efficacy of these therapies in treating various cancers.
Market potential:
The global market for ADCs is projected to grow significantly, driven by advancements in biotechnology and the increasing prevalence of cancer. Immunome’s expanded portfolio could capture a substantial market share if the acquired antibodies lead to successful therapies.
Strategic implications:
Strategically, this acquisition positions Immunome as a more attractive partner for future collaborations and licensing deals, potentially leading to additional revenue streams. It also signals to the market that Immunome is committed to aggressive growth and innovation, which could enhance its brand and investor interest.
“Novel and underexplored targets are central to Immunome’s pipeline strategy,” said Jack Higgins, PhD, Chief Scientific Officer. “The antibodies acquired from Atreca add to our ADC toolbox, complementing our existing discovery programs pursuing undisclosed targets.”
Added Clay Siegall, PhD, President and Chief Executive Officer, “Immunome intends to further expand its ADC portfolio through cost-effective business development, rigorous discovery efforts, and disciplined development. We believe this purchase accelerates our efforts to bring innovative therapies to cancer patients.”
About Immunome, Inc.
Immunome is a biotechnology company dedicated to developing first-in-class and best-in-class targeted cancer therapies. Our portfolio pursues each target with a modality appropriate to its biology, including small molecules, ADCs, RLTs and immunotherapies. We believe that pursuing underexplored targets with appropriate drug modalities leads to transformative therapies. Our proprietary memory B cell hybridoma technology allows for the rapid screening and functional characterization of novel antibodies and targets.
For more information, visit www.immunome.com or follow us on Twitter and LinkedIn.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this communication regarding matters that are not historical facts, are forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). We use words such as “will,” “intends,” “believe,” and similar expressions to identify these forward-looking statements that are intended to be covered by the safe-harbor provisions of the PSLRA. These forward-looking statements include, but are not limited to, statements regarding Immunome’s expectation to expand its portfolio and toolbox, enhance its development capabilities and drive strategic business initiatives; Immunome’s ability to integrate the assets acquired from Atreca; Immunome’s expectation about management’s performance; and other statements regarding management’s intentions, plans, beliefs, expectations or forecasts for the future. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Such forward-looking statements are based on Immunome’s expectations and involve risks and uncertainties; consequently, actual results may differ materially from those expressed or implied in the statements due to a number of factors. These factors include, but are not limited to, the risk that Immunome will not be able to realize the benefits of its strategic transactions, Immunome’s ability to grow and successfully execute on its business plan, including the development and commercialization of its pipeline and the expansion of its toolbox; changes in the applicable laws or regulations; the possibility that Immunome may be adversely affected by other economic, market, business, and/or competitive factors; the risk that regulatory approvals for Immunome’s programs and product candidates are not obtained, are delayed or are subject to unanticipated conditions; the risk that pre-clinical data may not be predictive of clinical data; the risk that interim results of a clinical trial do not necessarily predict final results; potential delays in the commencement, enrollment and completion of clinical trials and the reporting of data therefrom; the risk that our product and development candidates fail to achieve their intended endpoints; the complexity of numerous regulatory and legal requirements that Immunome needs to comply with to operate its business; the reliance on Immunome’s management; the prior experience and successes of the Immunome’s management team not being indicative of any future success; uncertainties related to Immunome’s capital requirements and Immunome’s expected cash runway; the failure to obtain, adequately protect, maintain or enforce Immunome’s intellectual property rights; and other risks and uncertainties indicated from time to time described in Immunome’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 28, 2024, in Immunome’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, filed with the SEC on May 14, 2024, and in Immunome’s other filings with the SEC. Immunome cautions that the foregoing list of factors is not exclusive and not to place undue reliance upon any forward-looking statements which speak only as of the date made. Moreover, Immunome operates in a very competitive and rapidly changing environment. New risks emerge from time to time. Except as required by law, Immunome does not undertake any obligation to update publicly any forward-looking statements for any reason after the date of this press release to conform these statements to actual results or to changes in their expectations.
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Investor Contact
Max Rosett
Chief Financial Officer
investors@immunome.com
Source: Immunome, Inc.
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