Bullish indicating open at $55-$60, IPO prices at $37
CAMBRIDGE, Mass. - Eterna Therapeutics (NASDAQ:ERNA), whose stock has declined nearly 78% year-to-date according to InvestingPro data, announced today its collaboration with The University of Texas MD Anderson Cancer Center to study the effects of its cell therapy ERNA-101 on ovarian and breast cancer models. The therapy, a novel allogenic product derived from induced pluripotent stem cells (iPSC), is designed to induce antitumor immunity by secreting cytokines IL-7 and IL-15.
The research will assess the immunomodulatory capabilities of ERNA-101 in vitro and its potential to enhance antitumor immunity in vivo within ovarian and breast cancer models. With a current ratio of 0.48 and an overall Financial Health Score rated as 'Weak' by InvestingPro, the success of this collaboration could be crucial for the company's future. These studies are a critical step towards an Investigational New Drug (IND) submission, aiming to establish the groundwork for potential future treatments that could combine ERNA-101 with CAR T or CAR NK cell therapies for solid tumors.
Michael Andreeff, MD, PhD, Professor of Leukemia at MD Anderson, who co-developed ERNA-101 with Eterna, will lead the research efforts. Sanjeev Luther, CEO and President of Eterna, expressed the company's goal to generate necessary data to demonstrate ERNA-101's therapeutic potential in solid tumors through this partnership.
Eterna Therapeutics is a preclinical-stage biotechnology company focusing on the development of off-the-shelf cell therapies for advanced solid tumors, particularly platinum-resistant ovarian cancer and triple-negative breast cancer (TNBC). ERNA-101, their lead product, is part of the company's strategy to leverage cutting-edge technology for effective cancer treatments.
The information in this article is based on a press release statement from Eterna Therapeutics. As with all clinical research, outcomes and future developments are uncertain and subject to various risks and uncertainties. InvestingPro analysis reveals the company generated just $0.6 million in revenue over the last twelve months, highlighting the early-stage nature of its operations. InvestingPro subscribers have access to 16 additional key insights about Eterna's financial position and market performance. Eterna's statements about the potential of ERNA-101 and its research plans are forward-looking and involve assumptions that may not materialize or may differ from actual results.
In other recent news, Eterna Therapeutics has made significant strides in its business operations. The biotechnology firm has initiated a stock repurchase program, authorizing the buyback of up to $1 million of its common stock. This move reflects the company's confidence in its long-term business strategy. Eterna has also regained compliance with Nasdaq's listing requirements, allowing it to continue trading on the Nasdaq Stock Market.
In addition to these developments, the company has finalized a private placement stock sale, raising approximately $1.1 million for general working capital. Eterna has also entered into an exclusive license and collaboration agreement with Factor Bioscience Limited, granting it exclusive rights to develop certain technologies for cancer, autoimmune disorders, and rare diseases.
However, despite these positive developments, Eterna faces potential delisting from the Nasdaq Stock Market due to an equity shortfall. The company plans to appeal this decision, temporarily delaying the suspension of trading. Finally, Eterna has announced a significant change in the date of its annual meeting of stockholders, now scheduled for late September. These are the recent developments at Eterna Therapeutics.
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