Acrivon appoints new chief medical officer to advance cancer trials

WATERTOWN, Mass. - Acrivon Therapeutics, Inc. (NASDAQ: ACRV), a clinical stage biopharmaceutical company currently valued at $47.3 million, announced the appointment of Dr. Mansoor Raza Mirza as its new chief medical officer, effective April 9, 2025. Dr. Mirza, a renowned clinician in gynecological oncology, will spearhead the clinical development of Acrivon's pipeline, including the ACR-368 Phase 2b trial in endometrial cancer and the ACR-2316 Phase 1 study in selected solid tumors. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 10.55, though it faces challenges with cash burn.

The company's current chief medical officer, Dr. Jean-Marie Cuillerot, will depart on the same day. Dr. Mirza brings a wealth of experience, having led numerous trials to global regulatory approvals and established new standards of care in his field. His recent role as chief oncologist at Copenhagen University National Medical Center and his involvement in the development of national guidelines for cancer management underscore his expertise. This leadership change comes as the stock trades near its 52-week low of $1.40, with InvestingPro analysis suggesting the stock is currently undervalued.

Dr. Mirza's appointment is timely as Acrivon advances its lead candidate, ACR-368, which targets CHK1 and CHK2 and has received Fast Track designation from the FDA. The company is also developing ACR-2316, a WEE1/PKMYT1 inhibitor, and is utilizing its AP3 platform for drug discovery and development. While the company reported a net loss of $80.56 million in the last twelve months, two analysts have recently revised their earnings estimates upward for the upcoming period, suggesting potential optimism about the company's pipeline progress.

Acrivon's CEO, Dr. Peter Blume-Jensen, expressed enthusiasm for Dr. Mirza's leadership as the company progresses towards potential regulatory submissions and approvals. He also acknowledged Dr. Cuillerot's contributions to the company.

Dr. Mirza's track record includes authoring numerous publications and serving as a principal investigator in clinical trials that led to the approval of therapies like Zejula for ovarian cancer. His appointment is expected to further Acrivon's mission to deliver precision oncology medicines to patients.

The information provided is based on a press release statement from Acrivon Therapeutics.

In other recent news, Acrivon Therapeutics reported operating expenses of $25 million for the fourth quarter of 2024, with an earnings per share (EPS) of ($0.60). The full year's operating expenses totaled $89.2 million, resulting in an EPS of ($2.43). H.C. Wainwright maintained its Buy rating for Acrivon, though it adjusted the price target to $19.00 from $22.00, following the company's strategic decision to shift focus away from ovarian and bladder cancer treatments. Cantor Fitzgerald also reiterated its Overweight rating, noting the strong data on ACR-368 for endometrial cancer despite some efficacy dilution. JMP Securities upheld its Market Outperform rating with a $17.00 price target, highlighting the promising profile of ACR-368 in metastatic endometrial cancer.

The company's recent updates indicate a strategic focus on endometrial cancer, with ACR-368 and ACR-2316 being central to its pipeline. Acrivon ended 2024 with $179.5 million in cash and equivalents, which is expected to support operations into 2027. Analysts are closely monitoring Acrivon's progress, particularly regarding the potential for an accelerated approval pathway based on new data. The upcoming R&D event is expected to provide further insights into the company's clinical-stage assets and strategic direction.

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