Instil Bio Discontinues ITIL-168 Cancer Trials, Layoffs 60% Of Its Employees - Instil Bio (NASDAQ:TIL)

Instil Bio Inc TIL announced a reprioritization of its clinical programs to focus on developing its CoStAR-TIL product candidates.
The company has prioritized the development of its proprietary, genetically-engineered CoStAR-TIL programs, designed to boost the efficacy of T cells within the tumor microenvironment (TME).
Instil's lead CoStAR-TIL program, ITIL-306 is in a Phase 1 dose escalation trial in non-small cell lung cancer (NSCLC), ovarian cancer, and renal cell carcinoma.
The company expects to report data from the dose escalation cohorts of Phase 1 ITIL-306 study in 2023.
In October, the company voluntarily paused enrollment in its ongoing ITIL-306 trial as part of its overall manufacturing analysis.
Instil is undertaking a reduction in its U.S. workforce of approximately 60% to realign its operating model from a registration-focused company to a development-stage company.
Instil is discontinuing its ITIL-168 clinical programs, the DELTA-1 trial in advanced melanoma and the DELTA-2 trial in NSCLC, cervical cancer, and head and neck squamous cell carcinoma.
Price Action: TIL shares are down 17.20% at $1.01 on the last check Thursday.