Imunon Inc (NASDAQ:IMNN) saw its stock rise 2.9% in premarket trading Thursday after the clinical-stage biotech detailed a strategic reorganization designed to reduce operating expenses and concentrate the company's efforts on its Phase 3 ovarian cancer study.
The restructuring will remove positions deemed non-essential to the OVATION 3 trial and will alter job descriptions for remaining employees so they align directly with the needs of the Phase 3 program, which Imunon said is enrolling patients ahead of schedule.
In addition to the personnel changes, Imunon confirmed that Khursheed Anwer, its Executive Vice President and Chief Scientific Officer, will retire on February 20 following nearly 12 years with the company.
Imunon is developing IMNN-001, a DNA-mediated immunotherapy intended for women with newly diagnosed advanced ovarian cancer. The therapy produced encouraging outcomes in Phase 2 testing, where combining IMNN-001 with standard chemotherapy resulted in a median 13-month improvement in overall survival compared with standard care alone.
"Our highest priority now is to continue enrollment ahead of projections and to activate a full complement of clinical sites to complete this landmark research as quickly as possible," said Stacy Lindborg, president and CEO of Imunon.
The OVATION 3 study is currently enrolling patients at five clinical centers. The company indicated it is considering activating up to 46 additional sites to broaden enrollment. The trial design includes two planned interim analyses, each of which could accelerate the pathway to an FDA submission should the primary endpoint reach statistical significance at an interim look.
Imunon also highlighted results from its Phase 2 OVATION 2 study showing particularly strong outcomes for patients who received IMNN-001 in combination with PARP inhibitors as maintenance therapy. In this subgroup, median overall survival has not yet been reached as those patients pass the five-year mark since randomization.
Operational focus and near-term objectives
- Reduce operating costs through targeted staff reductions and role realignments.
- Maintain and accelerate enrollment in OVATION 3 while scaling site activation.
- Complete planned interim analyses that could influence regulatory timing if statistical thresholds are met.
Context limitations
The company described the personnel changes and trial status without providing additional financial details about cost savings or the exact number of roles affected. Management also did not disclose precise timelines for potential FDA submission beyond the possibility of an accelerated timeline contingent on interim results.