IO Biotech Considers Strategic Options, Including Possible Sale or Wind-Down

IO Biotech (NASDAQ:IOBT), a clinical-stage biopharmaceutical company developing novel, immune-modulatory, off-the-shelf therapeutic cancer vaccines, today announced that the company intends to explore a range of strategic alternatives to maximize stockholder value. Strategic alternatives that may be evaluated include, but are not limited to, 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 the company's operating expenses while the company explores a range of strategic alternatives.

No timetable has been established for the completion of this process, and the company does not expect to disclose developments unless and until the 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.