IO Biotech announces exploration of strategic alternatives

IO Biotech announced that it intends to explore a range of strategic alternatives to maximize stockholder value. The Nasdaq listed company, which is developing novel immune modulatory off the shelf therapeutic cancer vaccines, said the alternatives that may be evaluated include a merger, a business combination, a sale of assets or other strategic transaction or a liquidation and dissolution. The company is also evaluating a further reduction in force and other efforts to significantly reduce its operating expenses while it explores the alternatives. No timetable has been established for the completion of this process. IO Biotech does not expect to disclose developments unless and until its board of directors has concluded that disclosure is appropriate or required. No agreement providing for any transaction has been reached and there can be no assurances that this process will result in the company pursuing a transaction or that any transaction if pursued will be completed on attractive terms.