Imunon has confirmed the deprioritization of its COVID-19 vaccine program. With the company’s cash reserves falling below $5 million in June, management is pushing ahead with plans to find partners for further development of the DNA plasmid vaccine candidate IMNN-101.
The candidate features a plasmid vector that contains a DNA sequence encoding multiple SARS-CoV-2 antigens. Imunon received FDA clearance last year to start a phase 1 trial of the candidate as a seasonal booster vaccine. The company published six-month data from the study in May, reporting a threefold median increase in serum neutralizing antibody titers from baseline.
Imunon has been clear about its intent to try to partner the PlaCCine vaccine platform that underpins the COVID-19 candidate since before the phase 1 IMNN-101 trial even started. With six-month results now in hand, the company used its second-quarter results Tuesday to announce the candidate's deprioritization.
Imunon, which was previously called Celsion, expanded beyond cancer to make vaccines a core part of its operations during the pandemic. The company pitched its technology as a way to address the need to tackle viral mutations and make manufacturing, distribution and storage more efficient, including by improving vaccine stability at temperatures of 4°C and above.
However, Imunon’s bank balance and overall demand for COVID-19 vaccines have both fallen since the company expanded its focus. Amid the changes, the biotech has focused on phase 3 development of its lead drug candidate IMNN-001 in ovarian cancer.
Imunon ended June with $4.7 million in cash and cash equivalents but received $3.1 million in July. The company believes the money will fund operations into the fourth quarter. Imunon had incurred around $414 million of cumulative net losses as of the end of June. The biotech has a long history, with Celsion starting operations in 1982.