Immunovia realigning Swedish operations with strategic priorities and its focus on the US commercialization of the IMMray™ PanCan-d test

Rhea-AI Summary

Immunovia (Nasdaq Stockholm: IMMNOV) is realigning its Swedish operations to enhance R&D productivity and focus on the US commercialization of the IMMray™ PanCan-d test for early pancreatic cancer detection. Following a partnership with Proteomedix, Immunovia recognizes a shift in R&D needs and has initiated a union consultation process to reduce staff in Lund. CEO Philipp Mathieu emphasized the company's new phase in commercialization, while promising a smooth transition for affected employees. The IMMray™ PanCan-d test launched in the US in August 2021 targets a market valued over USD 4 billion annually.

Positive

• Focus on US commercialization of the IMMray™ PanCan-d test.
• The IMMray™ PanCan-d test is the world's first blood test for early pancreatic cancer detection.
• Strong clinical performance reported for IMMray™ PanCan-d test.
• Increased R&D productivity expected from operational realignment.

Negative

• Initiating employee reductions in R&D and Operations.
• Potential disruption of operations during the transition process.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

LUND, Sweden, Jan. 19, 2023 /PRNewswire/ -- Immunovia (Nasdaq Stockholm: IMMNOV), the diagnostics company that has launched the world's first blood test dedicated to the early detection of pancreatic cancer, today announced it 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.

In October 2022, Immunovia announced a research collaboration partnership with the Swiss diagnostic company Proteomedix. The partnership capitalizes on the combined expertise of two leading innovators in proteomics-based diagnostics. Following the early experience of the collaboration Immunovia has been able to better understand the opportunities available to the Company and has determined that the in-house need for R&D capability has changed. As a result, Immunovia has initiated a union consultation process with the aim of reducing the number of employees within R&D and Operations in Lund. 

"Immunovia has entered a new phase with an increased focus on the commercialization of our IMMray™ PanCan-d test in the U.S., while maximizing our R&D productivity. The R&D and Operations teams in Lund have delivered very strong results in developing the IMMray™ PanCan-d test. At the same time, Immunovia is in the early stages of commercial execution, and the scope of the in-house R&D and Operations needs have changed. We are working to create a smooth transition for the employees affected by this change," said Philipp Mathieu, CEO and President of Immunovia. 

Immunovia has initiated a consultation process with relevant Swedish unions to create the best possible transition for the affected employees. The Company will provide an update once the consultation process is concluded. 

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 AB 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 specifically for the 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/13121/3699907/1790551.pdf

Press release (PDF)

View original content:https://www.prnewswire.com/news-releases/immunovia-realigning-swedish-operations-with-strategic-priorities-and-its-focus-on-the-us-commercialization-of-the-immray-pancan-d-test-301725616.html

SOURCE Immunovia AB

FAQ

What are Immunovia's strategic priorities for 2023?

Immunovia is focusing on enhancing R&D productivity and the US commercialization of its IMMray™ PanCan-d test.

What was the reason for the realignment of Immunovia's operations?

The realignment is due to a change in in-house R&D needs following a collaboration with Proteomedix and to better support US commercialization efforts.

How is Immunovia managing employee reductions?

Immunovia has initiated a union consultation process to ensure a smooth transition for the affected employees.

When did Immunovia start commercializing the IMMray™ PanCan-d test in the US?

The commercialization of the IMMray™ PanCan-d test in the US began in August 2021.

What is the market value for pancreatic cancer detection in the US?

The market for pancreatic cancer detection in the US is estimated to be over USD 4 billion annually.