I-Mab falls as AbbVie scraps blood cancer therapy trial

NovaBridge Biosciences

17/08/2022 11:34

** Chinese biotech company I-Mab's shares  IMAB.O  fall 2.9%
to $7.74 premarket
    ** Company says partner AbbVie  ABBV.N  is discontinuing an
early-stage trial of its drug lemzoparlimab in patients with
acute myelocytic leukemia and myelodysplastic syndrome, which
are forms of blood cancer (https://bit.ly/3SYaAXQ)
    ** I-Mab says decision was not based on any specific or
unexpected safety concerns, in a filing late Tuesday
    ** AbbVie and I-Mab also amend their 2020 collaboration
agreement for lemzoparlimab, and I-Mab is now eligible for about
$1.30 bln in milestone payments
    ** The original deal in September last year made I-Mab
eligible to receive $1.74 billion in milestone payments 
    ** I-Mab shares down ~83% YTD

 (Reporting by Manas Mishra)
 ((Manas.Mishra@thomsonreuters.com;
www.twitter.com/Manaswrites15))