I-Mab (NASDAQ: IMAB), a biopharmaceutical company that recently restructured into separate US and Chinese entities, has detailed its current strategic direction and streamlined operations. US CEO Raj Kannan discussed the company’s new focus at an investor conference, as reported by Endpoints News with a transcript from AlphaSense. This marks Kannan’s first public address since the February announcement of the split, which resulted in the formation of a US-based I-Mab and a China-based I-Mab Biopharma (Hangzhou) Co., Ltd. Following the announcement, co-founder and chairman Zang Jingwu and two other executives left the US entity to join the Chinese team.
Kannan highlighted that the US-based I-Mab is now a more agile operation with reduced overheads, boasting no late-stage assets and no manufacturing facilities. The current pipeline includes three programs: the Phase II-stage CD73 drug uliledlimab, the Phase Ib Claudin 18.2 x 4-1BB bispecific antibody givastomig, and the Phase I PD-L1 x 4-1BB bispecific antibody ragistomig. Notably, the CD47-targeted antibody lemzoparlimab, which was returned by AbbVie in September 2023, is not part of the US entity’s pipeline.
I-Mab retains a less than 10% stake in its Chinese counterpart and anticipates continued collaboration on drug development. “There are many things that we could potentially leverage with each other in terms of cost efficiencies and data generation as we advance the development of our clinical portfolios to bring treatments to patients globally,” Kannan stated.
Kannan also indicated that the company may pursue in-licensing to bolster its pipeline with later-stage candidates, specifically “potentially a post-proof of concept asset with a commercial potential that provides us with a positive EBITDA.” As of the end of 2023, I-Mab holds USD 321 million in cash and equivalents.- Flcube.com
