IGM Bio falls after plans to cut spending on cancer drug candidates

IGM Biosciences

30/09/2024 21:43

** Shares of biotech and medical research company IGM
Biosciences  IGMS.O  fall 21.4% to $13 in extended trading
    ** Co says it will minimize future spending on the research
and clinical development of aplitabart in second-line metastatic
colorectal cancer and other oncology candidates
    ** Co appoints industry veteran Mary Beth Harler as chief
executive officer to replace Fred Schwarzer, who is stepping
down from his role as CEO, President and Director
    ** Chief Scientific Officer Bruce Keyt will also step down
from current roles and remain as consultant
    ** Co's medical chief, Chris Takimoto, is also stepping down
    ** Up to last close, stock has nearly doubled YTD

 (Reporting by Harshita Mary Varghese in Bengaluru)
 ((HarshitaMary.Varghese@thomsonreuters.com))