Plexium Restructures to Support Protein Degrader Pipeline

Plexium, a San Diego-based protein degradation company, has implemented a strategic realignment of its resources to better support its advancing development pipeline. The restructuring includes staff layoffs and a renewed focus on the company's preclinical and early-stage clinical programs.

Workforce Reduction and Pipeline Focus

The biotech firm has enacted a plan to optimize its internal resources, maintaining its drug discovery and platform technology capabilities while supporting its progressing development-stage pipeline. Although Plexium declined to disclose specific numbers, multiple employees, including associate, senior, and principal scientists, have reported being affected by the reduction in force.

A company spokesperson stated, "Plexium has enacted a plan to align internal resources to better support their advancing development stage pipeline while maintaining full drug discovery and platform technology capabilities."

Pipeline Progress and Clinical Trials

Plexium's cancer-focused pipeline currently features one Phase 1 asset, PLX-4545, a molecular glue designed to degrade the transcription factor IKZF2. This degrader aims to prevent cancers from evading the immune system by targeting immunosuppressive regulatory T cells. The company began dosing patients in the Phase 1 trial of PLX-4545 in December 2023.

At the recent American Association for Cancer Research meeting in April, Plexium presented multiple studies, including early Phase 1 data for PLX-4545. The company's pipeline also includes five wholly owned candidates in preclinical or discovery stages.

Industry Competition and Partnerships

Plexium's restructuring comes amid increasing competition in the protein degradation field. Notably, Novartis is conducting a Phase 1 trial of its own IKZF2 degrader in non-small cell lung cancer and melanoma patients who have received prior anti-PD-1/PD-L1 therapy. This trial, which began in May 2019, is expected to conclude around September of this year.

Despite the current challenges, Plexium has previously secured significant industry partnerships. In 2022, the company inked drug discovery deals with pharmaceutical giants Amgen and AbbVie, coinciding with a substantial $102 million fundraising round.