Imugene partners with Kincell Bio; selling cell therapy manufacturing facility for $6 million

–News Direct–

Imugene Ltd (ASX:IMU) managing director and CEO Leslie Chong sits down with Proactives Jonathan Jackson to discuss the strategic partnership the company has formed with Kincell Bio, LLC that involves the sale of Imugene's Current Good Manufacturing Practice (CGMP) compliant cell therapy manufacturing facility in North Carolina. This agreement is set to bolster both companies' positions in the immunocellular therapy market.Kincell Bio will acquire the facility with a total investment of up to US$6 million, which includes upfront and milestone-driven payments over the next three years. This acquisition will enable Kincell Bio to expand its manufacturing capacity and continue providing high-quality development and manufacturing support.As part of the deal, Imugene will transfer process and analytical development activities of its Azer-cel to Kincell Bio, streamlining operations and focusing on clinical supply for ongoing trials. This move is expected to bring substantial financial efficiencies for Imugene, with anticipated savings of US$32 million in staff costs, manufacturing efficiencies and overheads over three years. Additionally, the restructuring will result in a 50% reduction in staff but extend Imugene's cash runway to 2026.Chong explains the implications of this partnership and how it benefits upcoming inflection points

Contact Details

Proactive Investors

Jonathan Jackson

+61 413 713 744

jonathan@proactiveinvestors.com

View source version on newsdirect.com: https://newsdirect.com/news/imugene-partners-with-kincell-bio-selling-cell-therapy-manufacturing-facility-for-6-million-218972158

IMUGENE LIMITED

COMTEX_450935287/2655/2024-04-16T14:48:59