StockWatch: Caribou Plunges as It Pursues Strategic Alternatives
Caribou has halted trials of vispacabtagene regedleucel (vispa-cel, formerly CB-010) a treatment for relapsed or refractory B cell non-Hodgkin lymphoma; and of CB-011, an allogeneic anti-BCMA CAR-T cell therapy for the treatment of patients with r/r multiple myeloma. The post StockWatch: Caribou Plunges as It Pursues Strategic Alternatives appeared first on GEN - Genetic Engineering and…
Caribou Biosciences' stock price plummeted 62% over the course of a week after the company announced plans to explore alternative strategies. The biotech firm, co-founded by Jennifer Doudna, experienced an 83% drop in stock value over the past year. The company is reducing its workforce by an unspecified "substantial" amount, currently numbering 97 employees, and ceasing trials of its two clinical-phase pipeline candidates, CB-010 and CB-011, which are allogeneic chimeric antigen receptor (CAR) T-cell therapies for B cell non-Hodgkin lymphoma and multiple myeloma, respectively.
Co-founder and CEO Rachel Haurwitz explained that the decision had nothing to do with the company's scientific merits or clinical data. The financial climate for allogeneic CAR T-cell therapies has made it challenging to secure the necessary capital to advance these programs.
Written by urgent.news from GEN Biotechnology's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
