ROCHESTER, N.Y. - Vaccinex, Inc. (NASDAQ:VCNX), a clinical-stage biotech firm, today announced the signing of several project agreements with major pharmaceutical companies, including Amgen (NASDAQ:AMGN), Merck (NS:PROR), and Incyte (NASDAQ:INCY), to employ its ActivMAb technology for antibody discovery. These agreements, which also involve providing materials to Charles River Labs (NYSE:CRL) and other partners, aim to advance the development of antibody and antibody-based immunotherapies.
ActivMAb technology is designed for the expression of complex proteins on the membrane of poxvirus, which serves as a source of antigen for antibody discovery. This method is particularly useful for targeting complex membrane proteins such as G-protein-coupled receptors (GPCRs) and ion channels, which have been challenging for drug development.
The Chief Scientific Officer of Vaccinex, Ernest Smith, highlighted the platform's ability to address previously difficult targets in a format suited for antibody discovery. The company will present data and examples of successful antibody discovery campaigns at the Society for Immunotherapy of Cancer’s 29th Annual Meeting on Saturday, Nov. 9, 2024, in Houston, TX.
Vaccinex's lead drug candidate, pepinemab, is currently being studied in various stages of clinical trials for neurodegenerative diseases and cancer. The company has global commercial and development rights to pepinemab and is collaborating with Merck Sharp (OTC:SHCAY) & Dohme Corp. for the KEYNOTE-B84 study in head and neck cancer.
The financial details of the agreements with Amgen, Merck, Chugai, Absci, Gigagen ( Grifols (BME:GRLS)), Merus (NASDAQ:MRUS), Soleil, ThirdArc, Incyte, Charles River Labs, OmniAb, Adimab, and others remain undisclosed.
This news is based on a press release statement from Vaccinex, Inc. and does not include any marketing or promotional content. The partnerships reflect Vaccinex's ongoing efforts to leverage its ActivMAb platform for the discovery and development of novel antibody therapies.
In other recent news, Vaccinex Inc (NASDAQ:VCNX). has reported significant progress in its SIGNAL-AD Phase 1b/2 clinical trial, indicating that its lead product, pepinemab, may slow the progression of Alzheimer's disease. The company has also secured approximately $6.2 million in funding through agreements allowing the exercise of existing warrants at a reduced price and the issuance of new warrants. Despite facing potential delisting from the Nasdaq Capital Market due to an equity shortfall, Vaccinex plans to appeal the decision to a Nasdaq Hearings Panel to potentially prevent delisting.
The company has further exercised its right to call for the cancellation of several series of warrants issued between October 2023 and March 2024, following positive developments in the clinical trial. Entities controlled by significant figures within Vaccinex, including Albert D. Friedberg, chair of the Board, and Maurice Zauderer, Ph.D., president, CEO, and board member, were among the warrant holders. Vaccinex is considering partnerships for further development of pepinemab, which could potentially reduce the company's operating expenses. These are recent developments in Vaccinex's pursuit of Alzheimer's disease treatment.
InvestingPro Insights
Vaccinex's recent partnerships with major pharmaceutical companies highlight its strategic positioning in the antibody discovery space. According to InvestingPro data, the company's market capitalization stands at $9.17 million, reflecting its current valuation in the biotech sector.
Despite the positive news on collaborations, InvestingPro Tips reveal that Vaccinex is "quickly burning through cash" and "suffers from weak gross profit margins." These factors may explain why the company is actively seeking partnerships to leverage its ActivMAb technology and potentially generate additional revenue streams.
Interestingly, InvestingPro Tips also indicate that "net income is expected to grow this year" and "analysts anticipate sales growth in the current year." This aligns with the company's efforts to commercialize its technology through these new agreements.
The company's financial health presents a mixed picture. While it has seen a "significant return over the last week" and a "strong return over the last month," with 36.67% price total return in the past month, it has also experienced a substantial decline of 74.94% in its 1-year price total return.
For investors seeking a more comprehensive analysis, InvestingPro offers 16 additional tips for Vaccinex, providing a deeper understanding of the company's financial position and market performance.
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