(Reuters) -ITeos Therapeutics plans to wind down its operations and explore selling its assets, including experimental cancer treatments and an obesity program, the drug developer said on Wednesday, sending its shares up 28% to $10.88 premarket.
Britain’s GSK and iTeos Therapeutics said earlier this month they have stopped developing belrestotug, after the experimental lung cancer drug failed to stop the disease from progressing in two studies.
ITeos’ decision to wind down comes after its board of directors conducted a review of the company’s developmental pipeline, financial standing and business prospects.
The company plans to leverage its cash reserves to provide near-term shareholder value while shutting down its clinical and operational activities.
The drug developer did not provide a specific timeline for the wind-down process or disclose any details regarding potential buyers for its assets.
(Reporting by Kamal Choudhury in Bengaluru; Editing by Shreya Biswas)
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