Immunovia - Consultation process with Swedish unions completed

Rhea-AI Summary

Immunovia (Nasdaq Stockholm: IMMNOV) announced on February 8, 2023, the completion of its consultation process regarding the realignment of its Swedish operations, initiated on January 19, 2023. This restructuring aims to enhance R&D productivity and focuses on the U.S. commercialization of the IMMray™ PanCan-d test for early pancreatic cancer detection. As a result of the consultation, the company expects to achieve annual operational cost reductions of approximately SEK 10 million. This move follows the insights gained from a collaboration with Proteomedix that began in October 2022.

AI-generated analysis. Not financial advice.

Positive

• Expected annual operational cost reduction of SEK 10 million.
• Focus on enhancing R&D productivity.
• Strategic emphasis on U.S. commercialization of the IMMray™ PanCan-d test.

Negative

• Reduction in number of employees within R&D and Operations.

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LUND, Sweden, Feb. 8, 2023 /PRNewswire/ -- Immunovia (Nasdaq Stockholm: IMMNOV), the diagnostics company that has launched the world's first test dedicated to the early detection of pancreatic cancer, today announced that the consultation process regarding realigning its Swedish operations, announced on 19 January 2023, has been completed. 

Immunovia is realigning its Swedish operations with its strategic priorities to drive R&D productivity and focus on the US commercialization of the IMMray™ PanCan-d test. Following the early experience from the research collaboration with Proteomedix that was initiated in October 2022, Immunovia determined that the company's in-house need for R&D capability has changed and initiated a union consultation process with the aim to reduce the number of employees within R&D and Operations in Lund. 

The consultation process with unions has now been completed and the related financial impact is approximately SEK 10 million reduced operational costs on an annual basis. 

For more information, please contact: 
Philipp Mathieu, 
CEO and President 
philipp.mathieu@immunovia.com 

Karin Almqvist Liwendahl 
Chief Financial Officer 
karin.almqvist.liwendahl@immunovia.com 
+46 709 11 56 08

About Immunovia 
Immunovia is a diagnostic company with the vision to revolutionize blood-based diagnostics and increase survival rates for patients with cancer.

Our first product, IMMray™ PanCan-d is the only blood test currently available for early detection of pancreatic cancer. The test has unmatched clinical performance. Commercialization of IMMray™ PanCan-d started in August 2021 in the USA and IMMray™ PanCan-d is offered as a laboratory developed test (LDT) exclusively through Immunovia, Inc. For more information see: www.immunoviainc.com.

Immunovia collaborates and engages with healthcare providers, leading experts and patient advocacy groups globally to make this test available to all high-risk pancreatic cancer groups. 

The USA, the first market in which IMMray™ PanCan-d is commercially available, is the world's largest market for the detection of pancreatic cancer with an estimated value of more than USD 4 billion annually.

Immunovia's shares (IMMNOV) are listed on Nasdaq Stockholm. For more information, please visit www.immunovia.com. 

The following files are available for download:

https://mb.cision.com/Main/13121/3710788/1833487.pdf

Press release (PDF)

 

View original content:https://www.prnewswire.com/news-releases/immunovia---consultation-process-with-swedish-unions-completed-301741698.html

SOURCE Immunovia AB

FAQ

What is the recent development for Immunovia (IMMNOV) as of February 2023?

Immunovia announced the completion of its consultation process for realigning Swedish operations and expects operational cost reductions of approximately SEK 10 million annually.

How will the realignment affect Immunovia's operations?

The realignment will result in a reduction of employees in R&D and Operations to improve productivity and focus on the U.S. market.

What is the IMMray™ PanCan-d test?

The IMMray™ PanCan-d test is the first blood test dedicated to the early detection of pancreatic cancer, which Immunovia is commercializing primarily in the U.S.

When did Immunovia begin its collaboration with Proteomedix?

Immunovia's collaboration with Proteomedix began in October 2022.