TNGX Tango Therapeutics Inc

STOCKHOLM, May 23, 2024 /PRNewswire/ -- Medivir AB (Nasdaq Stockholm: MVIR), a pharmaceutical company focused on developing innovative treatments for cancer in areas of high unmet medical need, announced today that Medivir's licensee, Tango Therapeutics (NASDAQ: TNGX; Tango), has announced that the phase 1/2 clinical trial of TNG348, a novel USP1 inhibitor, is being terminated due to toxicity observed in the initial study cohorts. 

TNG348 is a novel USP1 (ubiquitin-specific protease 1) inhibitor, for the treatment of BRCA1/2-mutant and other homologous recombination deficiency (HRD)+ cancers, and has been developed by Tango from the preclinical USP1 program licensed from Medivir in 2020. At present, Medivir has no additional information than what has been announced in Tango's press release: https://ir.tangotx.com/news-releases/news-release-details/tango-therapeutics-announces-discontinuation-tng348-program

The announcement by Tango Therapeutics has no impact on Medivir's focus and development efforts with its lead program fostroxacitabine bralpamide (fostrox) for the treatment of primary liver cancer (HCC). Medivir continues to maximize the momentum of the fostrox development program as it accelerates a number of critical activities to enable initiation of a pivotal phase 2b study with accelerated approval intent. If successful outcome of the planned study, fostrox has the potential to become the first approved treatment for HCC patients who have progressed on current first-line standard of care, a market valued at ~$2.5bn annually by 2028.

For additional information, please contact;
Magnus Christensen, CFO, Medivir AB
Telephone: +46 8 5468 3100.
E-mail: magnus.christensen@medivir.com 

About Medivir

Medivir develops innovative drugs with a focus on cancer where the unmet medical needs are high. The drug candidates are directed toward indication areas where available therapies are limited or missing and there are great opportunities to offer significant improvements to patients. Medivir is focusing on the development of fostroxacitabine bralpamide (fostrox), a smart, targeted chemotherapy designed to selectively treat liver cancer cells and to minimize side effects. Collaborations and partnerships are important parts of Medivir's business model, and the drug development is conducted either by Medivir or in partnership. Medivir's share (ticker: MVIR) is listed on Nasdaq Stockholm's Small Cap list. www.medivir.com.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/medivir/r/medivir-s-licensee--tango-therapeutics--has-discontinued-development-of-its-tng348-clinical-program,c3987012

The following files are available for download:

View original content:https://www.prnewswire.com/news-releases/medivirs-licensee-tango-therapeutics-has-discontinued-development-of-its-tng348-clinical-program-302154264.html

SOURCE Medivir