IDM Pharma to consider alternatives, manage cash burn

By Lisa Kerner

Charlotte, N.C., Dec. 14 - IDM Pharma, Inc. has retained its investment bank, JMP Securities, to evaluate the company's research and development programs along with related assets and costs, as well as available strategic alternatives.

"We, along with key opinion leaders in the United States and Europe, continue to strongly believe in the survival benefit offered by L-MTP-PE in osteosarcoma patients, a devastating disease where there hasn't been a treatment advance in more than 20 years," IDM Pharma president and chief executive officer Timothy P. Walbert said in a company news release.

"Based on the current status of the lead program and an evaluation of the timing, potential costs and risks involved in continuing with current clinical plans, we believe it is prudent to manage our cash burn at this time and to pursue strategic alternatives that would potentially preserve the value of our lead program assets without undue risks," Walbert added.

The company said that as of Sept. 30, it had cash and cash equivalents of $33.2 million.

Located in Irvine, Calif., IDM is a biopharmaceutical company focused on immunotherapeutic treatments for cancer.

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