Mural Oncology Announces Plans to Explore Strategic Alternatives
Mural Oncology (Nasdaq: MURA) has announced the discontinuation of all clinical development of nemvaleukin alfa following unsuccessful trial results. The decision comes after reviewing data from the phase 2 ARTISTRY-6 trial in melanoma and previously announced results from the phase 3 ARTISTRY-7 trial in platinum-resistant ovarian cancer.
The company reported $144.4 million in cash, cash equivalents, and marketable securities as of December 31, 2024. In response to these developments, Mural plans to:
- Reduce its workforce by approximately 90%
- Explore strategic alternatives to maximize shareholder value
- Engage Lucid Capital Markets, as financial advisor
The ARTISTRY-6 trial's cohort 2, involving 92 patients with mucosal melanoma, failed to achieve its primary endpoint. Additionally, cohort 3, testing less-frequent intravenous dosing in cutaneous melanoma patients, showed insufficient activity to warrant continuation.
Mural Oncology (Nasdaq: MURA) ha annunciato l'interruzione di tutto lo sviluppo clinico di nemvaleukin alfa a seguito di risultati negativi negli studi. La decisione è stata presa dopo la revisione dei dati della fase 2 dello studio ARTISTRY-6 sul melanoma e dei risultati precedentemente comunicati della fase 3 ARTISTRY-7 sul carcinoma ovarico resistente al platino.
La società ha riportato 144,4 milioni di dollari in liquidità, equivalenti e titoli negoziabili al 31 dicembre 2024. In risposta a questi sviluppi, Mural prevede di:
- Ridurre il personale di circa il 90%
- Esplorare alternative strategiche per massimizzare il valore per gli azionisti
- Coinvolgere Lucid Capital Markets come consulente finanziario
Il gruppo 2 dello studio ARTISTRY-6, che ha coinvolto 92 pazienti con melanoma mucoso, non ha raggiunto l'endpoint primario. Inoltre, il gruppo 3, che testava una somministrazione endovenosa meno frequente in pazienti con melanoma cutaneo, ha mostrato un'attività insufficiente per giustificare la continuazione.
Mural Oncology (Nasdaq: MURA) ha anunciado la suspensión de todo el desarrollo clínico de nemvaleukin alfa tras resultados desfavorables en los ensayos. La decisión se tomó tras revisar los datos del ensayo de fase 2 ARTISTRY-6 en melanoma y los resultados previamente anunciados del ensayo de fase 3 ARTISTRY-7 en cáncer de ovario resistente al platino.
La compañía reportó 144,4 millones de dólares en efectivo, equivalentes y valores negociables al 31 de diciembre de 2024. En respuesta a estos acontecimientos, Mural planea:
- Reducir su plantilla en aproximadamente un 90%
- Explorar alternativas estratégicas para maximizar el valor para los accionistas
- Contratar a Lucid Capital Markets como asesor financiero
La cohorte 2 del ensayo ARTISTRY-6, que incluyó a 92 pacientes con melanoma mucoso, no alcanzó su objetivo principal. Además, la cohorte 3, que evaluó una dosificación intravenosa menos frecuente en pacientes con melanoma cutáneo, mostró una actividad insuficiente para justificar la continuación.
Mural Oncology (나스닥: MURA)는 임상 시험 결과 부진에 따라 nemvaleukin alfa의 모든 임상 개발을 중단한다고 발표했습니다. 이 결정은 흑색종에 대한 2상 ARTISTRY-6 시험 데이터와 백금 내성 난소암에 대한 3상 ARTISTRY-7 시험 결과를 검토한 후 내려졌습니다.
회사는 2024년 12월 31일 기준으로 1억 4,440만 달러의 현금, 현금성 자산 및 유가증권을 보유하고 있다고 보고했습니다. 이에 따라 Mural은 다음과 같은 계획을 발표했습니다:
- 직원 수 약 90% 감축
- 주주 가치를 극대화하기 위한 전략적 대안 모색
- 재무 자문사로 Lucid Capital Markets 선정
ARTISTRY-6 시험의 2번째 코호트는 점막 흑색종 환자 92명을 대상으로 했으나 1차 평가 변수를 달성하지 못했습니다. 또한 3번째 코호트는 피부 흑색종 환자를 대상으로 투여 빈도를 줄인 정맥 주사법을 시험했으나 활동성이 부족하여 계속 진행할 수 없었습니다.
Mural Oncology (Nasdaq : MURA) a annoncé l'arrêt de tout développement clinique de nemvaleukin alfa suite à des résultats d'essais décevants. Cette décision fait suite à l'examen des données de l'essai de phase 2 ARTISTRY-6 dans le mélanome et aux résultats précédemment annoncés de l'essai de phase 3 ARTISTRY-7 dans le cancer de l'ovaire résistant au platine.
La société a déclaré disposer de 144,4 millions de dollars en liquidités, équivalents et titres négociables au 31 décembre 2024. En réponse à ces événements, Mural prévoit de :
- Réduire ses effectifs d'environ 90 %
- Explorer des alternatives stratégiques pour maximiser la valeur pour les actionnaires
- Faire appel à Lucid Capital Markets comme conseiller financier
La cohorte 2 de l'essai ARTISTRY-6, comprenant 92 patients atteints de mélanome muqueux, n'a pas atteint son critère principal. De plus, la cohorte 3, testant une administration intraveineuse moins fréquente chez des patients atteints de mélanome cutané, a montré une activité insuffisante pour justifier la poursuite.
Mural Oncology (Nasdaq: MURA) hat die Einstellung aller klinischen Entwicklungen von Nemvaleukin Alfa nach erfolglosen Studienergebnissen bekanntgegeben. Die Entscheidung erfolgte nach der Auswertung der Daten der Phase-2-Studie ARTISTRY-6 bei Melanom sowie der zuvor veröffentlichten Ergebnisse der Phase-3-Studie ARTISTRY-7 bei platinresistentem Eierstockkrebs.
Das Unternehmen meldete zum 31. Dezember 2024 144,4 Millionen US-Dollar an Bargeld, Zahlungsmitteln und handelbaren Wertpapieren. Als Reaktion auf diese Entwicklungen plant Mural:
- Die Belegschaft um etwa 90 % zu reduzieren
- Strategische Alternativen zur Maximierung des Aktionärswerts zu prüfen
- Lucid Capital Markets als Finanzberater zu engagieren
Die Kohorte 2 der ARTISTRY-6-Studie mit 92 Patienten mit Schleimhautmelanom verfehlte den primären Endpunkt. Zudem zeigte Kohorte 3, bei der eine weniger häufige intravenöse Dosierung bei Patienten mit kutanem Melanom getestet wurde, eine unzureichende Wirksamkeit für eine Fortsetzung.
- Substantial cash position of $144.4 million as of December 31, 2024
- Quick decisive action to preserve shareholder value through strategic alternatives exploration
- Significant cost reduction through 90% workforce reduction
- Complete failure of nemvaleukin clinical development program
- Phase 2 ARTISTRY-6 trial failed to meet primary endpoint
- Phase 3 ARTISTRY-7 trial showed unsuccessful results
- Major workforce reduction (90%) indicates significant operational downsizing
- No active discussions with potential buyers/partners currently in place
Insights
Mural Oncology's announcement represents a terminal event for the company's current business model. The comprehensive failure of nemvaleukin alfa across both the Phase 2 ARTISTRY-6 and Phase 3 ARTISTRY-7 trials has forced management to discontinue all clinical development of what appears to be their primary asset. For a clinical-stage biotech, this essentially eliminates the company's future revenue potential.
The planned 90% workforce reduction signals a dramatic shift to cash preservation mode. With
The engagement of Lucid Capital Markets to explore strategic alternatives (acquisition, merger, etc.) indicates management sees no viable internal path forward. For shareholders, the company now effectively represents a corporate shell with cash, and its value will likely be calculated as: cash on hand minus liquidation costs, with perhaps a modest premium if acquired.
Failed late-stage clinical trials typically result in biotech companies being valued primarily on their cash position rather than pipeline potential. The lack of any mentioned backup programs or alternative development candidates suggests nemvaleukin was Mural's primary value driver, making this announcement particularly devastating for the company's prospects.
Following review of data from the phase 2 ARTISTRY-6 trial and previously announced results from the phase 3 ARTISTRY-7 trial, Mural will discontinue all clinical development of nemvaleukin
With
WALTHAM, Mass. and DUBLIN, April 15, 2025 (GLOBE NEWSWIRE) -- Mural Oncology plc (Nasdaq: MURA), a clinical-stage immuno-oncology company, today announced that following review of data from its phase 2 ARTISTRY-6 trial in melanoma and previously announced results from the phase 3 ARTISTRY-7 trial in platinum-resistant ovarian cancer, the company is discontinuing all clinical development of nemvaleukin alfa and plans to immediately commence the exploration of strategic alternatives focused on maximizing shareholder value. Mural has engaged Lucid Capital Markets, LLC to act as its financial advisor in connection with the exploration of strategic alternatives. The company had approximately
ARTISTRY-6, cohort 2 is a phase 2, single-arm trial evaluating nemvaleukin as a monotherapy in 92 patients with mucosal melanoma with a minimum follow-up of at least six months. A review of the topline data from this cohort showed that the primary endpoint was not achieved. Mural also conducted a review of preliminary data from ARTISTRY-6, cohort 3, evaluating less-frequent intravenous dosing of nemvaleukin in patients with cutaneous melanoma, and did not observe a level of activity that warranted continuation. Based on the totality of these data, together with the interim overall survival results from ARTISTRY-7 as announced on March 25, 2025, Mural will discontinue all clinical development of nemvaleukin.
Mural plans to explore potential strategic alternatives including, but not limited to, an offer for or other acquisition of the company, merger, business combination, or other transaction. While the company has not set a timetable for completion of this process, further updates and developments will be disclosed as appropriate or where necessary under regulatory requirements. There can be no assurance that the exploration of strategic alternatives will result in the company pursuing a transaction or that any acquisition or other transaction involving the company will be completed, nor as to the terms on which any acquisition or other transaction will occur, if at all.
The company confirms that, as at the date of this announcement, it is not in receipt of any approaches and not in active discussions with any potential offeror.
Irish Takeover Rules Considerations
Mural is subject to the Irish Takeover Panel Act, 1997, Irish Takeover Rules 2022 (the “Irish Takeover Rules”), which have certain implications on some of the strategic alternatives to be explored by the company. As the exploration of strategic alternatives is expected to include consideration of potential offers for the company, following the publication of this announcement Mural is now considered to be in an "offer period" as defined in the Irish Takeover Rules and the dealing disclosure requirements of Rule 8 of the Irish Takeover Rules as summarized below will apply.
The Irish Takeover Panel has granted a dispensation from the requirements of Rules 2.4(b) and 2.4(c) of the Irish Takeover Rules such that any potential offeror will not be required to be publicly identified as a result of this announcement for so long as the strategic evaluation is ongoing. Such parties should nonetheless be mindful of their obligations under the Irish Takeover Rules, including in particular with respect to confidentiality under Rule 2.1 and the circumstances in which an announcement may be required under Rule 2.2. If a potential offeror has any doubts about its obligations pursuant to the Irish Takeover Rules, it should contact its financial adviser(s) and, where applicable, it should also consult with the Irish Takeover Panel.
This is an announcement under Rule 2.4 of the Irish Takeover Rules and is not an announcement of a firm intention by any party to make an offer under Rule 2.7 of the Irish Takeover Rules.
About Mural Oncology
Mural Oncology is a biotechnology company focused on using its protein engineering platform to develop cytokine-based immunotherapies for the treatment of cancer with the goal of delivering meaningful and clinical benefits to people living with cancer. Mural Oncology has its registered office in Dublin, Ireland, and its primary facilities in Waltham, Mass. For more information, visit Mural Oncology’s website at www.muraloncology.com and follow us on LinkedIn, Bluesky, and X.
Responsibility Statement
The Directors of Mural accept responsibility for the information contained in this announcement. To the best of their knowledge and belief (having taken all reasonable care to ensure such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.
Disclosure Requirements of the Irish Takeover Rules
Under Rule 8.3(a) of the Irish Takeover Rules, any person who is “interested” (directly or indirectly) in
Under Rule 8.3(b) of the Irish Takeover Rules, any person who is, or becomes, “interested” (directly or indirectly) in
All “dealings” in “relevant securities” of Mural by a bidder, or by any party acting in concert with a bidder, must also be disclosed by no later than 12 noon (US Eastern Time) on the “business day” following the date of the relevant “dealing”.
If two or more persons co-operate on the basis of an agreement, either express or tacit, either oral or written, to acquire an “interest” in “relevant securities” of Mural, they will be deemed to be a single person for the purpose of Rule 8.3(a) and (b) of the Irish Takeover Rules.
A disclosure table, giving details of the companies in whose “relevant securities” opening position disclosures and dealing disclosures should be made, can be found on the Irish Takeover Panel’s website at www.irishtakeoverpanel.ie.
“Interests in securities” arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an “interest” by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.
Terms in quotation marks in this section are defined in the Irish Takeover Rules, which can also be found on the Irish Takeover Panel's website.
If you are in any doubt as to whether or not you are required to disclose a “dealing” under Rule 8, please consult the Irish Takeover Panel’s website at www.irishtakeoverpanel.ie or contact the Irish Takeover Panel on telephone number +353 1 678 9020.
Rule 2.12 Disclosure
In accordance with Rule 2.12 of the Irish Takeover Rules, Mural confirms that, as of the close of business on April 11, 2025, the issued share capital of Mural was 17,268,881 ordinary shares with par value US
In addition, as of the close of business on April 11, 2025, there were outstanding 1,122,834 non-vested restricted stock units (the “Restricted Stock Units”) and 3,735,308 options to purchase Ordinary Shares (the “Stock Options”) granted by Mural. Upon vesting, each Restricted Stock Unit entitles the holder to receive one Ordinary Share and each Stock Option entitles the holder to purchase one Ordinary Share at the applicable exercise price.
The International Securities Identification Number for the Ordinary Shares is IE000LK2BOB4.
Publication on Website
In accordance with Rule 26.1 of the Irish Takeover Rules, a copy of this announcement will be available on Mural’s website by no later than 12 noon (US Eastern Time) on the business day following publication of this announcement. The content of the website referred to in this announcement is not incorporated into, and does not form part of, this announcement.
No Offer or Solicitation
This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction, whether pursuant to this announcement or otherwise.
The distribution of this announcement in jurisdictions outside Ireland or the United States may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.
Important Notice Relating to Financial Advisor
Lucid Capital Markets, LLC, which is authorized and regulated by the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) in the United States, is acting as financial advisor exclusively for Mural and for no one else in connection with the subject matter of this announcement and will not regard any other person as its client in relation to the matters in this announcement and will not be responsible to anyone other than Mural for providing the protections afforded to clients of Lucid Capital Markets, LLC or its affiliates, nor for providing advice in relation to any matter referred to in this announcement. Neither Lucid Capital Markets, LLC nor any of its subsidiaries, affiliates or branches owes or accepts any duty, liability or responsibility whatsoever (whether direct, indirect, consequential, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Lucid Capital Markets, LLC in relation to the matters in this announcement, any statement or other matter or arrangement referred to herein or otherwise.
Forward Looking Statements
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, statements regarding: the company’s exploration and review of strategic alternatives, its ability to identify and complete a transaction as a result of the strategic alternatives process and its plans to reduce costs. Any forward-looking statements in this press release are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. Risks that contribute to the uncertain nature of the forward-looking statements include, among others, the company’s ability to successfully pursue a strategic alternative transaction on attractive terms, or at all; uncertainty as to whether the reduction in force will result in the anticipated savings; and those other risks and uncertainties set forth in the company’s filings with the Securities and Exchange Commission (“SEC”), including its Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in subsequent filings the company may make with the SEC. All forward-looking statements contained in this press release speak only as of the date of this press release. The company anticipates that subsequent events and developments will cause its views to change. However, the company undertakes no obligation to update such forward-looking statements to reflect events that occur or circumstances that exist after the date of this press release, except as required by law.
Contact:
Mural Oncology plc
Lucid Capital Markets, LLC
570 Lexington Ave, 40th Floor
New York, NY 10022
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