IGM Biosciences Announces Fourth Quarter and Full Year 2022 Financial Results and Provides Corporate Update
– Encouraging initial data from IGM-8444 combination with FOLFIRI; first patient dosed in randomized trial –
– Imvotamab to move forward into clinical studies in multiple autoimmune diseases –
– Initiation of Phase 1 clinical trial for targeted immunostimulatory IL-15 cytokine IGM-7354 in patients with solid tumors –
– Company to hold conference call and webcast today at 4:30 p.m. EDT –
MOUNTAIN VIEW, Calif., March 30, 2023 (GLOBE NEWSWIRE) -- IGM Biosciences, Inc. (Nasdaq: IGMS), a clinical-stage biotechnology company focused on creating and developing engineered IgM antibodies, today announced its financial results for the fourth quarter and full year ended December 31, 2022 and provided an update on recent developments.
“During 2022 we continued to extend the application of our IgM antibody platform by preparing imvotamab for clinical trials in autoimmune diseases and signing an exclusive worldwide collaboration agreement with Sanofi to develop novel IgM agonist antibodies for oncology and autoimmune diseases,” said Fred Schwarzer, Chief Executive Officer of IGM Biosciences. “Also, and perhaps most significantly, the initial clinical results from IGM-8444, our anti-death receptor 5 IgM antibody, highlight the exciting potential of IgM antibodies as agonist antibody medicines. We are announcing today that we have dosed the first patient in our randomized clinical trial of IGM-8444 in combination with standard of care FOLFIRI chemotherapy and bevacizumab in second line metastatic colorectal cancer patients. We are also pleased with the expanded safety and efficacy data for imvotamab at 100 mg that we have developed through our non-Hodgkin's lymphoma clinical trials, and we believe that imvotamab’s encouraging safety profile may be an important differentiating factor in the exciting new field of T cell engagers in autoimmune disease.”
Mr. Schwarzer continued, “We expect that 2023 will also be an important year for the expansion and validation of IGM’s platform. Already this year, we have treated the first patients in our initial clinical study of IGM-7354, an IgM targeted immunostimulatory IL-15 cytokine, which could be used for the treatment of patients with solid and hematologic malignancies, potentially in combination with cellular therapies, such as CAR-T and CAR-NK cells. We are also initiating clinical studies of IGM-2644, our CD38 x CD3 T cell engaging IgM antibody, which we hope will prove to be a safe and more potent form of anti-CD38 therapy for multiple myeloma, including for patients who have previously been treated with daratumumab. We also plan to file Investigational New Drug applications and initiate clinical studies for imvotamab in multiple autoimmune diseases this year, beginning with systemic lupus erythematosus and rheumatoid arthritis.”
Imvotamab (CD20 x CD3)
IGM-7354 (IL-15 x PD-L1)
IGM-2644 (CD38 x CD3)
Fourth Quarter and Full Year 2022 Financial Results
2023 Financial Guidance
Conference Call and Webcast
About IGM Biosciences, Inc.
Cautionary Note Regarding Forward-Looking Statements
IGM Biosciences, Inc.
(1) Amounts include stock-based compensation expense as follows:
IGM Biosciences, Inc.
Special Presentation TBA
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