Swedish diagnostics company Immunovia has unveiled its plans to restructure its operations to focus on its next-generation blood test for the detection of pancreatic cancer.
The company will halt the commercialisation of its IMMray PanCan-d test in the US to direct its resources towards the further development and clinical testing of the pancreatic cancer test.
Its decision to focus on the next-generation blood test will result in significant layoffs in both Sweden and the US across multiple functions.
The reduction in headcount and other operating expenses will decrease its cash burn rate and extend the cash reserves into 2024, said the company.
Immunovia CEO Jeff Borcherding said: “In the current financial climate, we have decided to focus our resources on our next-generation pancreatic cancer detection test.
“We are very excited about the potential of the new test to deliver high accuracy across the full spectrum of high-risk individuals.
“The test currently in development gives us the best opportunity to demonstrate significant improvements in patient outcomes, which is necessary to secure broader reimbursement of our test. In the US., Reimbursement is a fundamental driver of value for Immunovia and is foundational for securing the long-term success of the company.”
Immunovia said that the next-generation blood test, currently in development, is intended to work equally well across multiple patient risk groups.
It will be performed on a widely used commercial platform for better scaling of its production.
The test is expected to provide accurate results in patients who do not produce CA19-9, and to reduce reliance on CA19-9, overcoming the limitation associated with IMMray PanCan-d.
IMMray PanCan-d is currently being offered as a laboratory-developed test (LDT), specifically for the early detection of pancreatic cancer.
The company is planning to unveil the next-generation pancreatic cancer test later this year, with an official launch expected in 2024.
Immunovia is a diagnostic company that aims to advance blood-based diagnostic tests and increase survival rates for patients with cancer.
It collaborates with healthcare providers, experts and patient advocacy groups worldwide to make the test available to all high-risk pancreatic cancer groups, said the company.
