In a recent development, IN8bio, Inc. (NASDAQ:INAB), a biotechnology firm specializing in cancer immunotherapy treatments, announced the departure of its Chief Medical Officer, Trishna Goswami, M.D., effective last Monday. According to a company statement filed with the SEC, the decision for Dr. Goswami to step down was mutual.
Under the terms of a separation agreement, Dr. Goswami will receive a severance payment equivalent to two months of her annual base salary. Additionally, she has agreed to standard non-disparagement, confidentiality, and cooperation covenants, as well as a general release of claims.
The specifics of the agreement will be detailed in IN8bio's forthcoming Quarterly Report on Form 10-Q for the quarter ending September 30, 2024. The company has not yet announced a successor for Dr. Goswami.
IN8bio, previously known as Incysus Therapeutics, Inc., is headquartered in the Empire State Building in New York City and focuses on developing treatments for cancer patients using its proprietary technology platforms.
The departure of a key executive can be a significant event for a company, particularly for one in the highly competitive and research-intensive biotech industry.
IN8bio's announcement is a notable change in its leadership team, and the company will likely provide more information about its plans for the Chief Medical Officer role in future communications.
In other recent news, IN8bio, Inc. has seen several significant developments. The company reported encouraging results from its INB-100 program for acute myeloid leukemia (AML), with 100% progression-free survival rate among patients.
However, IN8bio has suspended further enrollment in its INB-400 Phase 2 trial for glioblastoma. To align with these strategic shifts, the biopharmaceutical company has reduced its workforce by approximately 49%.
In addition, IN8bio has made changes to the employment agreements of five key executives as part of a revised strategic plan. These amendments stipulate severance payments in the event of termination without cause, resignation for good reason, or termination related to a change of control at the company.
Analyst firms Laidlaw & Company and Jones Trading have maintained their Buy ratings on IN8bio, following the announcement of positive Phase I study results for INB-100. Jones Trading even raised its price target for IN8bio shares, influenced by the company's announcement that all leukemia patients in their study achieved durable complete remission at the one-year mark post stem cell transplant.
Furthermore, IN8bio's INB-200 therapy has shown positive results in Phase 1 studies, with 92% of patients surpassing the median progression-free survival of seven months. The company is now advancing to a Phase 2 trial with INB-400, a related therapy.
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