Ambrx to cut workforce, pause internal development of lead cancer drug candidate

Oct. 18, 2022 4:40 PM ETAmbrx Biopharma Inc. (AMAM)By: Anuron Mitra, SA News Editor

Ambrx Biopharma (NYSE:AMAM) on Tuesday said it would reduce its workforce by about 15%, pause the internal development of its lead drug candidate and now focus on its earlier stage cancer therapies as part of a strategic reprioritization of the company.
The company will no longer directly pursue its cancer drug candidate ARX788 as its lead clinical asset, and will instead look for development partners to progress ARX788.
The company will prioritize the progression of its other cancer drug candidate ARX517 as its new lead asset.
AMAM expects the strategic actions to extend its cash runway into 2025.
U.S.-listed shares of AMAM earlier closed +0.8% at $1.32.