- ORIC Pharmaceuticals Inc (NASDAQ:ORIC) entered a clinical development collaboration for a potential Phase 2 study of ORIC-533 in multiple myeloma with Pfizer Inc (NYSE:PFE) and agreed to sell around 5.4 million shares at $4.65 per share for gross proceeds of approximately $25.0 million.
- The company will use the net proceeds to fund ongoing and planned clinical trials, including studies of ORIC-533, ORIC-114, and ORIC-944, and for working capital and general corporate purposes.
- ORIC and Pfizer have entered into a clinical development collaboration to leverage Pfizer’s global development capabilities and expertise to enhance the clinical development program for ORIC-533, an oral small molecule inhibitor of CD73.
- The companies will advance ORIC-533 into a Phase 2 combination study with Pfizer’s elranatamab for multiple myeloma.
- ORIC will maintain full economic ownership and control of ORIC-533.
- In conjunction with the investment, Jeff Settleman, Chief Scientific Officer, Oncology Research & Development, Pfizer, will join ORIC’s Scientific Advisory Board.
- Including Pfizer’s equity investment, ORIC expects its cash runway to be extended into the first half of 2025.
- Price Action: ORIC shares are up 51.70% at $4.55 during the premarket session on the last check Thursday.
FDA Approves Expanded Use Of Bristol Myers Squibb’s Breyanzi Cancer Cell Therapy For Previously Treated Follicular Lymphoma
FDA grants accelerated approval for Bristol Myers Squibb's Breyanzi, a CAR T cell therapy, for relapsed or refractory follicular lymphoma. Breyanzi is included in NCCN guidelines and shows high response rates and sustained clinical benefits in trials.
