Boundless Bio falls after discontinuing cancer therapy development

Boundless Bio

13/12/2024 15:33

** Shares of drug developer Boundless Bio  BOLD.O  fall
15.3% to $2.50
    ** Company, late on Thursday, said it will not advance its
experimental cancer therapy, BBI-825, to part-two of its
early-stage trial 
    ** The trial was testing the therapy in certain patients
with a type of colorectal cancer
    ** BOLD said it made the decision after an assessment of
preliminary data from the part-one portion of the trial, which
showed "a lack of dose-proportional exposure, and the increasing
complexity and associated development costs", related to
developing the drug
    ** Company also announced that its Chief Medical Officer
Klaus Wagner and Chief Business Officer Neil Abdollahian will
depart, at the end of December and in early January,
respectively
    ** "As most of the C-suite are departing the company, we are
downgrading to Neutral from Buy and remove our PT" - Guggenheim
    ** Company said it is now prioritizing resource allocation
to BBI-355, its other experimental cancer drug and expects to
present initial data in 2025  
    ** Including session moves, stock down 82% since Nasdaq
debut in March 

 (Reporting by Sneha S K)
 ((LisaPauline.Mattackal@thomsonreuters.com;))