Immunome names Roee Shahar as EVP, Commercial

BOTHELL, Wash. – Immunome, Inc. (NASDAQ:IMNM), a biotechnology firm specializing in targeted cancer therapies, today announced the appointment of Roee Shahar as Executive Vice President, Commercial. Shahar, with over 20 years of experience in the pharmaceutical industry, has a track record of launching and managing oncology and hematology products. His previous roles include leadership positions at Seagen, Pfizer (NYSE:PFE), and Eli Lilly (NYSE:LLY) & Company.

President and CEO of Immunome, Clay Siegall, PhD, emphasized Shahar's addition as a significant asset to the company's leadership, given his extensive background in commercializing oncology therapies. Siegall also highlighted Shahar's role in advancing Immunome's portfolio, including AL102, a treatment for desmoid tumors currently in Phase 3 trials.

Shahar expressed his commitment to addressing the challenges posed by desmoid tumors, which can cause severe pain, deformity, and potentially life-threatening organ damage. His prior experience includes managing Seagen's hematology and cervical cancer commercial activities and leading Eli Lilly's oncology brand strategy for their largest oncology product at the time.

Immunome's pipeline features several innovative therapies, such as AL102 and discovery-stage antibody-drug conjugates (ADCs). The company also plans to submit Investigational New Drug (IND) applications for IM-1021, a ROR1 ADC, and IM-3050, a FAP-targeted radioligand, in the first quarter of 2025.

This news comes with the usual cautionary note that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. The company's recent SEC filings detail these risks, emphasizing that past performance is not necessarily indicative of future success.

The information in this article is based on a press release statement from Immunome, Inc.

In other recent news, Immunome Inc. has made significant advancements in its drug development pipeline following a merger. The company is actively pushing its key drug candidates, IM-3050 and IM-1021, towards Investigational New Drug filings, expected in the first quarter of 2025. TD Cowen has maintained a Buy rating on Immunome's shares, while Piper Sandler has adjusted the company's share price target to $23.00, maintaining an Overweight rating despite the reduction.

Immunome has also entered into a global exclusive license agreement with Nectin Therapeutics, which grants Immunome the rights to develop, manufacture, and commercialize products derived from a series of monoclonal antibodies. Furthermore, the company has strengthened its leadership team with the appointment of Dr. Phil Tsai as Chief Technical Officer and the promotion of Max Rosett to Chief Financial Officer.

In addition, Immunome has launched its 2024 Inducement Plan, reserving 2 million shares of common stock to attract new talent, reflecting the company's commitment to attracting and retaining top talent in the competitive biopharmaceutical industry. JPMorgan has given Immunome an Overweight rating, expressing optimism for the potential of AL102 and upcoming milestones. These recent developments underscore Immunome's commitment to advancing its pipeline of targeted cancer therapies.

InvestingPro Insights

As Immunome, Inc. (NASDAQ:IMNM) bolsters its leadership team with the appointment of Roee Shahar, investors may find additional context in the company's financial metrics and market performance. According to InvestingPro data, Immunome's market capitalization stands at $747.68 million, reflecting the market's current valuation of the company's potential in the targeted cancer therapies space.

Despite the promising pipeline and strategic hire, InvestingPro Tips highlight some challenges. Analysts anticipate a sales decline in the current year, and the company is not expected to be profitable this year. This aligns with the developmental stage of Immunome's therapies, including AL102 for desmoid tumors, which is still in clinical trials.

On a positive note, Immunome holds more cash than debt on its balance sheet, providing financial flexibility as it advances its pipeline. This is crucial for biotechnology companies in the research and development phase. Additionally, the stock has shown a high return over the last year, with a 1-year price total return of 61.48%, indicating investor optimism about the company's prospects.

The appointment of Shahar as EVP, Commercial, comes at a time when Immunome's stock price movements are quite volatile, as noted by InvestingPro Tips. This volatility may reflect the market's reaction to developments in the company's drug pipeline and strategic decisions.

For investors seeking a deeper understanding of Immunome's financial health and market position, InvestingPro offers 13 additional tips, providing a more comprehensive analysis of the company's outlook.

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