Thursday, July 13, 2023
Immunovia, the diagnostics company specializing in early detection of pancreatic cancer, has announced a strategic restructuring plan. The company will discontinue the commercialization of its IMMray PanCan-d test in the United States in order to focus on the further development and clinical testing of their next-generation pancreatic cancer detection test.
The upcoming assay being developed aims to provide accurate results across various patient risk groups. It is designed to address the limitations of the IMMray PanCan-d test by delivering reliable outcomes for patients who do not produce CA19-9, thus reducing reliance on this biomarker. Additionally, the new test will be performed using a widely-used commercial platform, allowing for improved scalability of production. Immunovia plans to share more information about the next-generation test later this year, with an expected launch in 2024.
As a result of this strategic shift, Immunovia will undertake significant layoffs in Sweden and the United States across multiple departments. The reduction in workforce and elimination of certain operational expenses will lower the company's cash burn rate and extend its cash reserves well into 2024.
Immunovia's CEO, Jeff Borcherding, expressed enthusiasm for the potential of the new test to deliver high accuracy across a broad range of high-risk individuals. He emphasized that this test presents the best opportunity to demonstrate substantial improvements in patient outcomes, which is crucial for securing wider reimbursement and ensuring the long-term success of the company, particularly in the United States where reimbursement plays a pivotal role in the company's value.