Ikena Oncology jumps as co to evaluate strategic alternatives

ImageneBio

28/05/2024 23:40

** Shares of Ikena Oncology  IKNA.O  rise 17.3% to $1.56 in
extended trading  
    ** Company says board has approved a process to explore,
review and evaluate a range of potential strategic options 
    ** Says it is discontinuing the development of its
experimental drug IK-930
    ** IKNA is executing a workforce reduction of about 53%
related to drug discontinuation
    ** Reduction will result in termination of 18 employees and
is expected to be complete in Q3 2024- IKNA 
    ** "Ikena is evaluating strategic options for both the
company and its development pipeline"
    ** Shares are down 32.5% YTD  

 (Reporting by Sneha S K in Bengaluru)
 ((Sneha.SK@thomsonreuters.com;))