Shares of Instil Bio, Inc. (TIL) are falling more than 26% Monday morning at $3.85 after the company said it has decided to pause enrollment in its ongoing clinical trials of drug candidates, ITIL-168 and ITIL-306.
The company is developing ITIL-168, for the treatment of advanced melanoma and other solid tumors, and ITIL-306, a next-generation, genetically engineered tumor infiltrating lymphocyte, or TIL therapy for multiple solid tumors.
“The voluntary pause by the Company was instituted following a recent decrease in the rate of successful manufacturing of ITIL-168, resulting in the inability to dose some patients whose individual product of ITIL-168 was not successfully manufactured,” the company said.
After analyzing manufacturing processes, and take actions to improve the rate of manufacturing success, the company plans to resume the study of ITIL-168. The company has also voluntarily paused enrollment in the Phase 1 trial of ITIL-306 as part of its overall manufacturing analysis.
No regulatory agencies, including the FDA, have notified the company of a clinical hold in any of its clinical trials, Instil Bio added.
An update on the manufacturing analysis is expected by early first quarter of 2023.
TIL has traded in the range of $3.4300- $23.21 in the last 1 year.
Source: Read Full Article