- Kate Hermans has taken over the reins of Ambrx Biopharma Inc (NASDAQ:AMAM) as interim CEO following the abrupt departure of Feng Tian, who also served as chairman of the board of directors.
- The company did not provide information regarding the departure of Tian, who has been with Ambrx for nearly two decades.
- Interim CEO Hermans joined Ambrx last month as a board of directors member.
- Bristol Myers Squibb Co Inc (NYSE: BMY) moved out from a heart failure drug collaboration with Ambrx Biopharma in July.
- BMY disclosed in its earnings presentation the end of phase 2 development for FA relaxin.
- The company has already launched a search for a permanent CEO, with Tian agreeing to remain available in an advisory capacity.
- The company plans to conduct a strategic review of its development pipeline “to maximize our commercial opportunities and extend the cash runway.”
- “Ambrx remains confident in the clinical data of its drug candidates, in its platform technology, and in the ongoing promise of precision biologics,” the company said in a statement.
- Ambrx’s lead asset is ARX788, an anti-HER2 antibody-drug conjugate currently being studied broadly in breast cancer, gastric/GEJ, and other solid tumor clinical trials.
- Other drug candidates in development include ARX517, which targets the prostate-specific membrane antigen expressed on prostate cancer cells, and ARX305, which targets CD70, a protein overexpressed in a broad range of solid and hematologic tumors.
- Ambrx also has a couple of preclinical immuno-oncology assets with Sino Biopharmaceutical.
- Price Action: AMAM shares are up 4.49% at $2.56 on the last check Wednesday.
Wedbush Maintains Outperform on Verint Systems, Lowers Price Target to $45
Wedbush analyst Daniel Ives maintains Verint Systems (NASDAQ:VRNT) with a Outperform and lowers the price target from $56 to $45.
