Clinical Trials
30
11 active
Approvals
0
Total approvals
Agencies
0
Regulatory bodies
Founded
2012
Active, not recruiting
11
36.7%
Completed
16
53.3%
Terminated
2
6.7%
Withdrawn
1
3.3%
No approval data available
- Elevation Oncology has agreed to be acquired by Concentra Biosciences, controlled by hedge fund Tang Capital Partners, for $0.36 per share in cash with additional contingent value rights. - The acquisition represents the latest example of investment firms targeting struggling biotech "zombies" worth less than their cash reserves for liquidation rather than strategic repositioning. - Elevation's lead cancer drug disappointed in clinical testing, forcing the company to shelve its program, lay off most staff, and trade below $1 per share for nearly a year. - The deal follows Tang Capital's previous acquisitions of struggling biotechs including Allakos, Jounce Therapeutics, and Kronos Bio through its liquidation-focused investment strategy.
- Allakos Inc., a biotechnology company focused on antibodies for allergic and inflammatory diseases, has entered into a definitive merger agreement to be acquired by Concentra Biosciences for $0.33 per share in cash. - The acquisition, unanimously approved by Allakos' Board of Directors, is expected to close in May 2025 following a tender offer that will commence by April 15, with company insiders holding 8.07% already committed to the deal. - The transaction requires at least a majority of outstanding shares to be tendered and availability of minimum $35.5 million in cash at closing, representing a strategic consolidation in the immunomodulatory therapeutics sector.
- Bluejay Therapeutics has appointed Mary Cromwell, Ph.D., as Senior Vice President and Head of Technical Operations, bringing over 30 years of biotechnology operations experience to advance their liver disease therapeutics pipeline. - Dr. Cromwell joins from Allakos where she served as Chief Technology Officer, following an extensive career at Genentech/Roche where she contributed to the licensure of major products including Avastin® and Perjeta®. - The appointment comes as Bluejay's lead candidate brelovitug (BJT-778) advances in development for chronic hepatitis D, having recently received FDA Breakthrough Therapy designation and EMA's PRIME and Orphan designation.
- Allakos' AK006 failed to demonstrate therapeutic efficacy in a Phase 1 trial for chronic spontaneous urticaria (CSU), leading to the discontinuation of its development. - The company will reduce its workforce by 75% and explore strategic alternatives following the unsuccessful trial results. - The Phase 1 trial enrolled 34 patients with moderate-to-severe CSU, but AK006 did not show significant improvement compared to placebo. - Allakos anticipates restructuring costs of $34 million to $38 million and expects to have $35 million to $40 million in cash reserves by mid-2025.
