Inventiva plunges as AbbVie halts cedirogant development
US pharma major AbbVie (NYSE: ABBV) communicated during its third-quarter financial results on October 28, that it has decided to stop the development of cedirogant (ABBV-157), an oral RORg inverse agonist jointly discovered by French firm Inventiva (Euronext: IVA) and AbbVie for the treatment of autoimmune diseases.
The decision followed AbbVie’s analysis of a recently concluded nonclinical toxicology study, with the news sending Inventiva’s shares tumbling 18% to 4.71 euros yesterday it made the decision publc .
The French biotech says its cash runway, including the expected $12 million upfront payment from Sino Biopharm and the 25 million euros ($24.7 million) from the EIB credit facility, is not impacted by the discontinuation of the cedirogant clinical program and should allow to fund as previously announced operations through fourth-quarter 2023. Inventiva’s R&D capabilities and objectives remain unaltered, the company said.
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