LUND, Sweden, July 12, 2023 /PRNewswire/ — Immunovia (Nasdaq Stockholm: IMMNOV), the diagnostics company focused on early detection of pancreatic cancer, today announced plans to restructure its operations. The company will cease commercialization of its IMMray PanCan-d test in the United States to focus its resources on the further development and clinical testing of the Company’s promising next generation pancreatic cancer detection test.
The next generation assay currently in development is intended to work equally well across multiple patient risk groups. The new test is expected to provide accurate results in patients who do not produce CA19-9, and to reduce reliance on CA19-9, which have been limitations of IMMray PanCan-d. The next generation test will be performed on a widely used commercial platform, enabling the company to better scale production. Immunovia expects to release further details about the next-generation test later this year, with an anticipated launch date in 2024.
Immunovia’s strategic decision to focus on its next generation assay will result in significant layoffs in both Sweden and the United States in multiple functions. Importantly, the staffing reductions and the elimination of other operating expenses will lower the company’s cash burn rate and extend the Company’s cash reserves well into 2024.
“In the current financial climate, we have decided to focus our resources on our next generation pancreatic cancer detection test,” said Jeff Borcherding, Immunovia’s CEO. “We are very excited about the potential of the new test to deliver high accuracy across the full spectrum of high-risk individuals. The test currently in development gives us the best opportunity to demonstrate significant improvements in patient outcomes, which is necessary to secure broader reimbursement of our test. In the U.S., Reimbursement is a fundamental driver of value for Immunovia and is foundational for securing the long-term success of the company.”