AlloVir to slash 95% of workforce following pivotal study failures
05 Jan 2024
Cell TherapyPhase 3Immunotherapy
Cell-therapy developer Allovir announced Thursday that its board of directors approved a workforce reduction of approximately 95% to curtail costs and preserve capital. The decision comes hot on the heels of the discontinuation of late-stage studies of posoleucel.
The downsizing process, which will commence in the first quarter of 2024, is likely to be completed by April 15. AlloVir, which previously indicated it had just over $200 million in cash, foresees incurring around $13 million in personnel-related restructuring expenditures, covering severance and other benefits.
Narrowed pipeline
In December, following recommendations from independent data safety monitoring boards, AlloVir discontinued three Phase III trials of posoleucel, an off-the-shelf multi-virus-specific T-cell therapy, due to futility. However, no safety concerns were noted in the trials, which were investigating posoleucel for the prevention of clinically significant infections or diseases by multiple viruses, treatment of virus-associated hemorrhagic cystitis and treatment of adenovirus following allogeneic haematopoietic cell transplant.
At the time, the company announced plans to analyse the data for potential subpopulation benefits, while evaluate its pipeline and exploring strategic options. AlloVir is also studying posoleucel for the treatment of BK virus infection in adult kidney transplant patients, with its earlier-stage assets including the off-the-shelf candidates ALVR106 and ALVR107.
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