Tracon Pharma Down After Unfavorable Ruling In Dispute With I: MAB

TRACON Pharmaceuticals

25/04/2023 16:28

** Shares of drug developer TRACON Pharmaceuticals Inc
 TCON.O  down 38.1% at $1.10, the biggest one-day pct. loss in
nearly 4 years
    ** The tribunal dismissed TCON's claim of damages of over
$200 mln relating to I-Mab's  IMAB.O  bi-specific antibody
assets
    ** Tribunal also confirmed the termination of both the
agreements signed between TCON and IMAB for the development of
multiple immuno-oncology program in 2018
    ** IMAB will pay TRACON about $23 mln, which includes a
portion of TCON's legal cost and pre-determined agreement
termination fees of $9 mln plus interest
    ** Including session's losses, TCON down ~25% YTD

 (Reporting by Khushi Mandowara in Bengaluru)
 ((Khushi.Mandowara@thomsonreuters.com;))