Another setback for Advaxis after Amgen walks away from major project
New Jersey’s Advaxis (Nasdaq: ADXS) has suffered a near-40% blow to its share price after the firm revealed that Amgen (Nasdaq: AMGN) was tearing up a half-billion dollar collaboration to develop ADX-NEO.
Under the terms of the 2016 deal, Amgen was responsible for fully-funding clinical development of the investigational immuno-oncology therapy, which is designed to activate the immune system in response to certain mutations, or neoepitopes, unique to a particular tumor.
Advaxis quietly announced the end of the partnership via a filing with the US Securities and Exchange Commission, noting that Amgen was withdrawing.
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