REDWOOD CITY, Calif. & BOSTON - Adicet Bio, Inc. (NASDAQ:ACET), a biotechnology company focusing on the development of gamma delta T cell therapies, announced today that its preclinical candidate ADI-270 has shown promising anti-tumor activity in various cancer models.
The company is preparing to file an investigational new drug (IND) application for ADI-270 in the second quarter of 2024, targeting CD70-positive cancers.
ADI-270 is designed to combat solid and hematological cancers by enhancing the functional potency and resilience of gamma delta CAR T cells within the tumor microenvironment. In preclinical studies, ADI-270 exhibited strong in vitro cytotoxicity against multiple CD70 positive tumor cell lines and demonstrated the ability to inhibit tumor growth in suppressive conditions, which are often present in the tumor microenvironment.
The therapy also showed effectiveness in mixed populations of CD70 negative and positive tumor cells, suggesting a potential advantage in treating cancers with varied antigen expression. The preclinical results indicated that ADI-270 could eradicate CD70 positive tumor cells in vivo, particularly in clear cell renal cell carcinoma (ccRCC), a type of kidney cancer.
An oral presentation detailing the preclinical data of ADI-270 will be featured at the American Society of Gene & Cell Therapy (ASGCT) 27th Annual Meeting on May 10, 2024. The presentation will be part of the Targeted Gene and Cell Therapy session.
Adicet Bio's approach utilizes an armored allogeneic anti-CD70 CAR gamma delta T cell therapy designed to address multiple cancer indications. The company's pipeline includes off-the-shelf gamma delta T cells engineered with chimeric antigen receptors (CARs) to potentially provide durable activity in patients.
This news is based on a press release statement and contains forward-looking statements, which involve risks and uncertainties. These statements include expectations for the clinical development of ADI-270, its potential efficacy, and the planned IND submission.
The actual results may differ due to various factors, including the inherent unpredictability of clinical studies and regulatory approval processes. The company cautions that positive preclinical results may not necessarily predict future clinical outcomes.
Adicet Bio continues to advance its research and development efforts in the field of cancer therapy and autoimmune diseases with its innovative gamma delta T cell platform.
InvestingPro Insights
As Adicet Bio, Inc. (NASDAQ:ACET) gears up for its IND application for the novel cancer therapy ADI-270, investors have been closely monitoring the company's financial health and market performance.
With a market capitalization of $164.34 million, Adicet Bio is navigating through a challenging phase, reflected in its significant operating loss of $132.58 million over the last twelve months as of Q4 2023. The company's struggle to maintain profitability is echoed by a negative P/E ratio of -0.61 and an adjusted P/E ratio of -1.31 for the same period.
Moreover, Adicet Bio's stock has experienced substantial volatility, with a 30% price increase over the last six months, yet a sharp decline of 68.45% over the past year. This volatility is also evident in the short-term, with the one-week price total return showing an 11.36% drop. An InvestingPro Tip highlights that the company does not pay dividends, which can be a critical consideration for income-focused investors.
Despite the financial challenges and market volatility, InvestingPro Tips indicate that Adicet Bio holds more cash than debt on its balance sheet and has liquid assets that exceed short-term obligations. This could provide some financial cushion as the company continues to invest in its pipeline. Additionally, four analysts have revised their earnings upwards for the upcoming period, suggesting a potential positive outlook on the company's future performance.
For investors seeking a deeper dive into Adicet Bio's financials and stock performance, more InvestingPro Tips are available at https://www.investing.com/pro/ACET. There are 11 additional tips listed that could further guide investment decisions. To access these insights, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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