Instil Bio, Inc. (NASDAQ: TIL) shares are gaining momentum in the current trading session. As of the latest update, the stock has surged by 20.987%, reaching $9.00. This notable increase follows the release of a strategic business update.
Instil (TIL) has divulged a strategic announcement, unveiling a collaborative agreement with a partner renowned for its successful history in manufacturing and administering cell therapies to patients. This collaboration aims to conduct preclinical manufacturing feasibility studies within the ITIL-306 program. The initiation of feasibility studies is underway, and a successful outcome could lead Instil’s collaborator to initiate an investigator-initiated clinical trial (IIT) focusing on enrolling non-small cell lung cancer (NSCLC) patients in China.
Should the IIT yield compelling proof-of-concept clinical data in 2024, Instil may explore potential options for transitioning ITIL-306 to a US-based Contract Development and Manufacturing Organization (CDMO). This transition would encompass manufacturing and clinical development primarily at US-based trial sites.
In a strategic maneuver aimed at reducing costs and improving time efficiency, the company has declared the shutdown of its manufacturing and clinical operations in the UK. This action will lead to a downsizing of the UK workforce, expected to be mostly completed by the first half of 2024.
Instil plans to keep essential staff in process development, research, and related areas to drive early-stage pipeline development, which includes CoStAR and other innovative TIL technologies. This move is also intended to offer support for ongoing collaborations.
Instil recently experienced a 1-for-20 reverse stock split of its outstanding shares of ordinary stock on December 7, 2023. On December 8, 2023, trading of the company’s common shares with the reverse stock split applied started. The company’s attempt to keep its listing on the Nasdaq Capital Market by meeting the minimum bid price criterion included this planned reverse stock split.
