The immuno-oncology company announced the decisions today, explaining that it is implementing a “focused corporate strategy” in order to achieve its goals moving forward.
A spokesperson from Heat Biologics told Biopharma-Reporter that the company "remains focused on its lead Phase 2 program evaluating HS-410 for the treatment of non-muscle invasive bladder cancer which is expecting topline data in the fourth quarter of 2016."
The spokesperson also added that the cost-saving measures "although incredibly difficult, were necessary as they allow us to achieve this data with current cash on-hand. We will continue to manage our resources and cash carefully to achieve this important inflection point for Heat."
The company is also conducting a Phase 1b trial with its HS-110 (viagenpumatucel-L) in combination with an anti-PD-1 checkpoint inhibitor to treat patients with non-small cell lung cancer (NSCLC). However, as part of the announcement today, Heat will only advance eight patients who are currently enrolled in the study – whereas it was originally planning to move forward with 18.
According to the company’s press release, Heat intends to focus its resources to achieve near-term milestones for both two product candidates.
“We remain committed to advancing our lead clinical program for HS-410 and the focused reductions announced today extend our cash runway to reach significant inflection points expected later this year,” said Jeff Wolf, Heat’s Founder and CEO. “While difficult, these cost-saving measures are necessary. We are truly grateful for the meaningful contributions of the talented individuals impacted.”
To further reduce costs, the company has also announced a reduction in compensation for the remaining leadership team and the “voluntary resignation” of two members of the Board of Directors.