A number of actions have been taken to reduce the company’s cost base and enable completion of a Phase IIb study on ALLOB
Cell therapy company Bone Therapeutics has announced a shift of its “strategic priorities” to focus specifically on its allogeneic cell therapy platform, ALLOB, which it describes as its most advanced clinical asset.
The platform is currently being evaluated in a randomised, double-blind, placebo-controlled Phase IIb study in patients with high-risk tibial fractures. Based on the results of previous clinical studies and its preclinical data set, the company believes ALLOB has the highest potential of near-term value creation. Results of the Phase IIb trial are anticipated in Q1 2023.
The company has implemented a number of actions to reduce its cost base and enable completion of the study. R&D activities will be focused on supporting the clinical development of ALLOB, while all activities related to the development of the pre-clinical iMSCg platform as well as all other non ALLOB related activities, will be stopped.
Some members of the company’s management team will reportedly depart in the coming months in alignment with the focus in activity. This includes Miguel Forte (CEO), Tony Ting (CSO), Stefanos Theoharis (CBO) and Lieve Creten (CFO). Forte will remain in function for the transition. In addition, all non-executive members of the Board of Directors have decided to suspend their compensation for the first quarter of 2022 and until further notice.