IMV To Slash Workforce By Around One Third

(RTTNews) - IMV Inc. (IMV), a company focused on cancers therapies, said on Thursday that it is going to reduce its workforce by around one third.

The company added that it is concentrating its resources on ongoing MVP-S clinical programs in immuno-oncology (IO), most notably the Phase 2B trials VITALIZE in relapsed/refractory DLBCL, and AVALON in advanced, metastatic ovarian cancer.

"This restructuring initiative enables IMV to focus its resources on key near-term value drivers while reducing cash burn and future cash needs," the company said in statement.

IMV also noted that it will continue to invest in its DPX platform and to leverage this novel technology.

The company is planning to provide a clinical update on the first group of patients in the Phase 2B VITALIZE trial in r/r DLBCL later this month.