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Alligator Bioscience restructures

Søren Bregenholt

The company plans to restructure and reduce its workforce by 20-25%, with expected annual costs savings of SEK 20 million.

“Over the last 12 months our OPTIMIZE-1 trial evaluating our lead asset mitazalimab in pancreatic cancer has delivered two sets of highly encouraging interim data as well as faster-than-expected patient recruitment leading to an accelerated top-line readout, nine months earlier than planned. The top-line data has now provided further indication of the potential of mitazalimab combined with chemotherapy to confer significant clinical benefit to pancreatic cancer patients over the standard of care. The OPTIMIZE-1 Phase 2 results are a worthy validation of the capabilities of our drug development program. We now need to remain laser focused on our objective to deliver outstanding returns to our stakeholders and to maximize the chances of developing innovative therapies in an ever more challenging biotech environment. Unfortunately, this initiative will affect our most important asset, our colleagues who have strived professionally and diligently to allow Alligator to deliver on our mission. We could not be more grateful for the efforts and commitment to advance mitazalimab and our other innovative options for those who suffer from hard-to-treat cancers, and we remain committed to supporting those colleagues impacted by this initiative.”
stated Søren Bregenholt, CEO, Alligator Bioscience.

Outlook into 2024

Alligator continues to advance its Phase 3-enabling activities for the further clinical evaluation of mitazalimab in pancreatic cancer. In addition, it is intensifying its business development efforts to identify the right partner to bring mitazalimab to patients as fast as possible, leveraging its full commercial potential, it states. With the OPTIMIZE-1 top-line data validating CD40 as a target, Alligator sees increased potential in its Neo-X-Prime bispecific antibody ATOR-4066, and will continue efforts to further strengthen its supporting preclinical data package and prepare it for clinical development, it states further. Alligator is also expecting the preliminary Phase 1 readout for ALG.APV-527, a bispecific antibody with a tumor-directed 4-1BB agonistic effect being co-developed with Aptevo Therapeutics, in the first half of 2024.

Photo of Søren Bregenholt: Alligator