MorphoSys AG (FSE:MOR)(NASDAQ:MOR) today announced that it will be discontinuing its pre-clinical research programs in order to optimize its cost structure. Although the results of these programs have been promising, significant investments are still required in order to bring them to the clinical stage. In order to accomplish this, MorphoSys has taken the decision to reduce its headcount at its Planegg, Germany headquarters by 17%, along with other measures taken throughout the last year, allowing the company to focus its resources on its mid- to late-stage oncology pipeline.
At MorphoSys, we have taken the difficult decision of right-sizing our cost structure and focusing our resources on our core strategic priorities for the long-term success of the company. Despite the challenging market conditions, we are steadfast in our commitment to invest in those clinical programs that promise the highest and most immediate benefit to the lives of patients. We understand the gravity of the situation and are treating our departing employees with the utmost respect and dignity, providing them with comprehensive benefits packages and supporting them through their transitions. We cannot overstate our gratitude for their immense contributions to MorphoSys, science, and, more importantly, the lives of patients.
At Immutep, our top priority is to propel our late-stage oncology pipeline forward, with a focus on our MANIFEST-2 study of pelabresib in first-line myelofibrosis. We have high hopes for pelabresib’s potential to revolutionize the standard of care in myelofibrosis, and are eagerly anticipating the topline data from the pivotal study in early 2024. We remain dedicated to providing cancer patients with more effective and safer treatment options.
MorphoSys is expanding its pre-clinical research portfolio, exploring different avenues to ensure successful mid- to late-stage clinical programs. The company is dedicating its resources to translational research and technical development, creating innovative solutions to propel the success of its clinical programs.
At MorphoSys, our mission is to bring life to those with cancer. We are a global biopharmaceutical company, determined to use the latest science and technology to develop and provide innovative cancer treatments to patients. Our headquarters is in Planegg, Germany, and our US operations are based in Boston, Massachusetts. Together, we are committed to making a difference and changing the lives of those with cancer.