TPI Composites files for Chapter 11 bankruptcy, plans delisting from Nasdaq
WALTHAM, Mass. - Clinical-stage biotechnology company Xilio Therapeutics, Inc. (NASDAQ:XLO), currently valued at $36 million and maintaining a strong balance sheet with more cash than debt according to InvestingPro data, announced Tuesday the appointment of Akintunde "Tunde" Bello, Ph.D., to its board of directors.
Dr. Bello brings over 25 years of oncology drug development experience, most recently serving as senior vice president and head of clinical pharmacology, pharmacometrics and bioanalysis at Bristol Myers Squibb Company until his retirement this year.
His expertise spans early translational medicine and clinical pharmacology across complex biologics and immunotherapies, including anti-CTLA-4 and PD-1 checkpoint inhibitors, T cell engagers and tumor-selective molecules.
Prior to BMS, Dr. Bello spent more than a decade at Pfizer Inc., where he oversaw clinical pharmacology for late-stage oncology development programs.
"With over 25 years of experience in oncology research and development, focused on translational medicine and clinical pharmacology at BMS and Pfizer, we look forward to benefitting from Tunde’s extensive expertise," said Paul Clancy, chair of Xilio’s board of directors, in a press release statement.
Dr. Bello holds a B.Sc. in biomedical sciences from Portsmouth Polytechnic, an M.Sc. in instrumentation and analytical science from University of Manchester, and a Ph.D. in pharmaceutical sciences from King’s College, University of London.
Xilio Therapeutics is developing tumor-activated immuno-oncology therapies designed to localize anti-tumor activity within the tumor microenvironment. The company is advancing XTX501, a masked PD-1/IL-2 bi-specific therapy, along with bi-specific and tri-specific masked T cell engager programs.
In other recent news, Xilio Therapeutics announced its fourth quarter and full-year financial results for 2024, reporting a cash position of $55.3 million, an increase from $44.7 million the previous year. The company also highlighted promising Phase 2 data for its anti-CTLA-4 monoclonal antibody, vilastobart, showing a 27% objective response rate in certain cancer patients. Additionally, Xilio entered into a collaboration with AbbVie, receiving a $52 million upfront payment, with potential future payments totaling approximately $2.1 billion. In a strategic move to strengthen its financial position, Xilio inked a $50 million sales agreement with Leerink Partners, allowing the company to sell shares in "at the market" transactions. Meanwhile, Xilio initiated a public offering of warrants to support its product development and corporate needs, with Leerink Partners as the sole bookrunner. The company also received a notification from Nasdaq regarding the risk of delisting due to its stock price falling below the required minimum bid. Xilio has been granted a 180-day period to regain compliance. These developments underscore Xilio’s efforts to advance its pipeline and secure financial stability amidst market challenges.
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