2seventy Bio (NASDAQ: TSVT) will discontinue enrolling patients in a late-stage study of its cell therapy Abecma, developed in partnership with Bristol-Myers Squibb (NYSE: BMY), for treating patients with newly diagnosed multiple myeloma.
The decision was taken due to the smaller number of eligible patients amid increasing treatment options than when the study was first designed, Anna Truppel-Hartmann, chief medical officer of 2seventy Bio, said in a statement on Wednesday.
The move will save more than $80 million in near-term expenses and help break even in 2025, the company said.
2seventy Bio (NASDAQ: TSVT) also forecast third-quarter Abecma revenue growth of about 30% in the U.S. from $54 million reported in the second quarter.
Abecma is already approved for treating patients with relapsed or refractory multiple myeloma, who have already received two or more prior therapies.
(Source: ReutersReuters)
2seventy Bio Bristol-Myers Squibb NASDAQ: TSVT NYSE: BMY
