Published on 30 Nov 2022 on Benzinga via Yahoo Finance
Oncorus Pulls Plug On Phase 1 Candidate, Lays Off 20% Of Its Workforce
Oncorus Inc (NASDAQ: ONCR) is reprioritizing its pipeline and is discontinuing the Phase 1 trial of ONCR-177 to focus resources on ONCR-021.In addition, the company is discontinuing the development of ONCR-177, reducing its workforce and burn rate, and reiterating guidance for its cash runway into early 2024.Oncorus will present the results of the Phase 1 study of ONCR-177 in patients with advanced disease in conjunction with a scientific congress in 2023.Related: Chardan Sees Over 200% Upside On This Small-Cap Cancer-Focused Stock.In addition, Oncorus has reduced its workforce by 20%, with its remaining workforce solely focused on the clinical development of ONCR-021, its first self-amplifying RNA product candidate.With this reprioritization and workforce realignment, Oncorus has reduced its burn rate and continues to expect its current cash, cash equivalents, and investments will be sufficient to fund its operating expenses into early 2024.ONCR-021 is Oncorus' lead candidate from its self-amplifying RNA platform for intravenous administration.The company plans to submit an investigational new drug application for this program in mid-2023 to evaluate ONCR-021 in non-small cell lung cancer, renal cell carcinoma, melanoma, and hepatocellular carcinoma.Further development of ONCR-788, the company's second self-amplifying RNA product candidate, and ONCR-719 for glioblastoma multiforme depends on additional financing.Price Action: ONCR shares are down 24.80% at $0.46 on the last check Wednesday.
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