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Century Therapeutics Announces Internal Portfolio Prioritization, Analyst Views It As Incrementally Positive

Benzinga · 01/06/2023 08:23
  • Century Therapeutics (NASDAQ:IPSC) revealed an internal portfolio prioritization and capital allocation strategy that is expected to extend the cash runway into 2026
  • The company will deprioritize investment in CNTY-103 for glioblastoma and a discovery program in hematologic malignancies. 
  • The company will focus on CNTY-101 and prioritize key programs, including one follow-on product candidate for lymphoma, CNTY-102, and CNTY-107, a product candidate for Nectin-4+ tumors. 
  • Century Therapeutics will reduce its headcount by approximately 25%.
  • The company continues its strategic research collaboration with Bristol-Myers Squibb Company (NYSE:BMY) for CNTY-104 in acute myeloid leukemia and CNTY-106 in multiple myeloma. The restructuring does not impact these programs.
  • Analyst's Take: William Blair says pipeline reprioritization is incrementally positive. 
  • The analyst writes that CNTY-101 is largely de-risked based on initial clinical data generated by other CD19 CAR-NK cell therapies. The company is unlikely to share initial clinical data from CNTY-101 until 2H of 2023.
  • Furthermore, the analyst adds that the CD19 space is hyper-competitive, with three companies having already produced compelling initial clinical data. Therefore, Century Therapeutics' current valuation adequately reflects the stage of development for its product candidates.
  • Price Action: IPSC shares closed 2.62% lower at $4.84 on Thursday.