PMV Pharmaceuticals Announces Prioritization of PC14586 Clinical Development and Extended Cash Runway
19 January 2024 - 8:01AM
PMV Pharmaceuticals, Inc. (Nasdaq: PMVP), a precision oncology
company pioneering the discovery and development of small molecule,
tumor agnostic therapies targeting p53, today announced a strategic
reduction of its workforce by approximately 30%. PMV will maintain
a focused discovery research effort and expects that the resulting
savings in operating expenses will extend its cash runway to the
end of 2026.
As of December 31, 2023, on an unaudited basis,
PMV had approximately $229 million in cash, cash equivalents, and
marketable securities. PMV estimates that it will incur aggregate
charges of approximately $1.4 million, primarily for one-time
employee severance and benefit costs, the majority of which are
expected to be incurred in the first quarter of 2024.
"I would like to express my sincere thanks to
our employees impacted by this decision,” said David Mack Ph.D.,
PMV Pharma’s CEO and Co-founder. “We are grateful for their
dedication and contributions to help bring PMV and PC14586 to this
point of development. This is a difficult but necessary step to
ensure that PC14586 is developed as efficiently as possible to
benefit patients.”
About PMV Pharma
PMV Pharma is a precision oncology company
pioneering the discovery and development of small molecule,
tumor-agnostic therapies targeting p53. p53 mutations are found in
approximately half of all cancers. Our co-founder, Dr. Arnold
Levine, established the field of p53 biology when he discovered the
p53 protein in 1979. Bringing together leaders in the field to
utilize over four decades of p53 biology, PMV Pharma combines
unique biological understanding with a pharmaceutical development
focus. PMV Pharma is headquartered in Princeton, New Jersey. For
more information, please visit www.pmvpharma.com.
About PC14586
PC14586 is a first-in-class, small molecule, p53
reactivator designed to selectively bind to the pocket in the p53
Y220C mutant protein, restoring the wild-type, or normal, p53
protein structure and tumor-suppressing function. The U.S. Food and
Drug Administration (FDA) granted Fast Track designation to PC14586
for the treatment of patients with locally advanced or metastatic
solid tumors with a p53 Y220C mutation.
Forward-Looking Statements
Statements contained in this press release
regarding matters that are not historical facts are
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Because such statements
are subject to risks and uncertainties, actual results may differ
materially from those expressed or implied by such forward-looking
statements. Such statements include, but are not limited to,
statements regarding the Company’s future plans or expectations for
PC14586, including expectations regarding timing of the Phase 2
portion of its current clinical trial for PC14586, statements as to
the expected cash, cash equivalents and marketable securities
information for the year ended December 31, 2023, statements
regarding the Company’s expected costs related to restructuring and
related charges, including the timing of such charges, and the
Company’s expected use of operating cost savings associated with
the restructuring plan. Any forward-looking statements in this
statement are based on management’s current expectations of future
events and are subject to a number of risks and uncertainties that
could cause actual results to differ materially and adversely from
those set forth in or implied by such forward-looking statements.
Risks that contribute to the uncertain nature of the
forward-looking statements include: the success, cost, and timing
of the Company’s product candidate development activities and
planned clinical trials, the Company’s ability to execute on its
strategy and operate as an early clinical stage company, the
potential for clinical trials of PC14586 or any future clinical
trials of other product candidates to differ from preclinical,
preliminary, interim or expected results, the Company’s ability to
fund operations, and the impact that the current COVID-19 pandemic
will have on the Company’s clinical trials, supply chain, and
operations, as well as those risks and uncertainties set forth in
the section entitled “Risk Factors” in the Company’s Annual Report
on Form 10-K filed with the Securities and Exchange Commission (the
“SEC”) on March 1, 2023, the Company’s Quarterly Report on Form
10-Q for the three months ended March 31, 2023, filed with the SEC
on May 10, 2023, and its other filings filed with the SEC. All
forward-looking statements contained in this press release speak
only as of the date on which they were made. The Company undertakes
no obligation to update such statements to reflect events that
occur or circumstances that exist after the date on which they were
made.
The cash, cash equivalents and marketable
securities information above is based on preliminary unaudited
information and management estimates for the year ended December
31, 2023, is not a comprehensive statement of our financial results
as of and for the fiscal year ended December 31, 2023, and is
subject to completion of our financial closing procedures. Our
independent registered public accounting firm has not conducted an
audit or review of, and does not express an opinion or any other
form of assurance with respect to, this preliminary estimate.
Investors Contact:Tim SmithSenior Vice
President, Head of Corporate Development and Investor
Relationsinvestors@pmvpharma.com
Media Contact:Kathy VincentGreig
Communicationskathy@greigcommunications.com
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