Ziopharm Oncology Inc (NASDAQ:ZIOP) saw its shares subside in price after the company announced a restructuring enabling Ziopharm to advance its TCR program.
The Company will eliminate approximately 60 positions and expects the changes will extend the cash runway into 1H of 2023. Earlier, ZIOP expected cash runway into Q4 of 2022.
As of June 30, 2021, the Company had approximately $76.7 million of cash and cash equivalents.
The Company also announced that dosing in its TCR-T Library Phase 1/2 trial will start in 1H of 2022 after experiencing unforeseen delays caused by inadequate resources at its contract manufacturer.
ZIOP is investing in its manufacturing capabilities to accelerate patient dosing. It is committed to operationalizing internal manufacturing capabilities in 1H of 2022 to support the first patient dosing.
The Company also announced the first patient in its TCR-T Library Phase I/II clinical trial is expected to be dosed in the first half of 2022 after experiencing unforeseen delays caused by inadequate resources at its contract manufacturer.
The Company is continuing to invest in its own manufacturing capabilities to accelerate patient dosing and is committed to having internal manufacturing capabilities operational in the first half of 2022 to support the first patient dosing.
Ziopharm is a clinical-stage oncology-focused cell therapy company, developing T-cell receptor (TCR) therapies based on its non-viral Sleeping Beauty gene transfer platform and its unique cancer hotspot Library, covering common tumor-related mutations in key oncolytic genes such as KRAS and TP53.
ZIOP stock is down 22 cents, or 10.5%, to $1.90 soon after Tuesday’s opening bell.
