N8bio falls after suspending development of two brain cancer drugs

IN8bio

05/09/2024 11:04

** IN8bio  INAB.O  shares fall 9.3% to 42 cents premarket
    ** Suspends development of two experimental drugs to treat a
type of brain cancer as it explores potential partnership
opportunities
    ** INB-200 was being tested in an early-stage study while 
INB-400 was in mid-stage - IN8bio
    ** To cut workforce by about 49%
    ** Expects to incur one-time costs of about $300,000 in Q3
related to the layoffs
    ** To focus on development of drug candidate, INB-100, to
treat a type of blood cancer and expects long-term results in
late 2025 and 2026 
    ** Up to last close, stock down 66.3% YTD  

 (Reporting by Mariam Sunny in Bengaluru)
 ((Mariam.ESunny@thomsonreuters.com;))