US-based Ikena Oncology, Inc. (NASDAQ: IKNA) and Sino-US biotech Inmagene Biopharmaceuticals have announced their merger to form a new entity, ImageneBio, which will be listed on Nasdaq with the ticker symbol “IMA”.
Focused Development on IMG-007 Post-Merger
The newly merged company, ImageneBio, will concentrate its efforts on the development of IMG-007, a nondepleting anti-OX40 monoclonal antibody (mAb) with significant therapeutic potential across various inflammatory conditions. These include atopic dermatitis, asthma, purulent sweat gland inflammation, systemic sclerosis, and other related indications. A Phase IIb study for IMG-007 in atopic dermatitis is planned to begin in early 2025, marking a significant step in the asset’s clinical development.
Financial Boost from Merger
The merger is anticipated to provide a substantial financial boost to the development of IMG-007, with a total funding of USD 175 million. This includes a USD 75 million over-subscribed private placement that was completed concurrent with the merger. This influx of capital is expected to significantly support the advancement of IMG-007 through its clinical trials and potentially towards commercialization.-Fineline Info & Tech
