Selecta lays off 25% as unpartnered gene therapies take a back seat
BIOMARKER
1. Selecta Biosciences is laying off 25% of its workforce and sidelining non-partnered gene therapy programs despite having a "promising" portfolio.
2. The company is refocusing its efforts to extend its cash runway into the second half of 2025.
3. Selecta ended March with $127.5 million in cash and equivalents.
4. Investment will be prioritized for a few candidates, including SEL-212, a drug licensed to Sobi for $100 million in 2020.
5. SEL-212 recently met the primary endpoint in two phase 3 trials, suggesting potential competition for Horizon Therapeutics' gout drug Krystexxa.
6. Development of a combination of ImmTOR and Selecta’s Treg-selective IL-2 will also be prioritized, with IND-enabling studies scheduled for this year.
7. The company will continue to work on its IgG protease, Xork, in collaboration with Astellas, for potential use in Pompe disease.
9. Selecta's own gene therapy programs, including SEL-302, are being sidelined, though the company is assessing potential partnerships for their further development.
10. Despite the layoffs and restructuring, Selecta's CEO Carsten Brunn expressed confidence in the potential of their ImmTOR technology and the company's pipeline of candidates.