Ikena Oncology Discontinues Clinical IK-930 Program

May 29, 2024

DENVER, Colo., May 29, 2024 (247marketnews.com)- Ikena Oncology, Inc. (Nasdaq:IKNA) is discontinuing its clinical IK-930 program to focus on clinical development of IK-595. Ikena finished the first quarter with $157.3 million, which it plans on using to fund operations and explore strategic options to maximize shareholder value

“Ikena is dedicated to thoughtfully putting our capital to work towards impactful treatments for patients, and in doing so building value for our shareholders. Together with our board of directors, we made the difficult decision to wind down the IK-930 program. Going forward, we believe that IK-930’s profile may enable combination opportunities with other targeted agents through partnerships,” commented Ikkkena’s CEO, Mark Manfredi, Ph.D. “Our MEK-RAF molecular glue, IK-595, continues to progress rapidly in the clinic with encouraging early PK and PD data which supports a potentially differentiated therapeutic index. This is key to treating the broad population of patients suffering from RAS and RAF mutant cancers where other MEK inhibitors have failed.”

Ikena’s Chief Financial Officer, Jotin Marango, M.D., Ph.D., commented, “Ikena is in a strong position to create value through multiple avenues. We have been diligent with our capital expenditure, fortifying a cash position that may unlock new strategic opportunities for the company, in addition to the parallel partnership potential of our pipeline.”

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