REDWOOD CITY, Calif. & BOSTON - Adicet Bio, Inc. (NASDAQ:ACET), a biotechnology company focused on the development of allogeneic gamma delta T cell therapies for cancer and autoimmune diseases, announced the appointment of Julie Maltzman, M.D. as its new Chief Medical (TASE:PMCN) Officer, starting January 13, 2025. Dr. Maltzman will lead the company's clinical development strategy, aiming to advance its pipeline of therapies.
Dr. Maltzman brings over two decades of experience in drug development, including work on therapies for solid tumors and autoimmune diseases. She joins Adicet Bio from IconOVir Bio, where she held the position of Chief Medical Officer. The appointment comes at a crucial time for Adicet, whose stock has experienced significant volatility, declining nearly 50% year-to-date. InvestingPro subscribers can access 8 additional key insights about Adicet's financial health and market position. Her previous roles at Roche/Genentech as VP, Global Head of GI Cancers and Cancer Immunotherapy, saw her oversee the global launch and commercialization of combination cancer therapies, notably Tecentriq+Avastin®.
Chen Schor, President and CEO of Adicet Bio, expressed confidence in Dr. Maltzman's ability to contribute to the company's growth, particularly as the clinical trials for ADI-001 and ADI-270 programs gain traction. Dr. Maltzman succeeds Dr. Francesco Galimi, whose tenure at Adicet concluded this month.
In her remarks, Dr. Maltzman highlighted the potential of Adicet Bio's gamma delta CAR T cell platform to offer new treatment options for patients with cancer and autoimmune diseases. She cited her experience in developing transformative therapies and her commitment to advancing Adicet's clinical programs.
Adicet's pipeline includes "off-the-shelf" gamma delta T cells engineered with chimeric antigen receptors (CARs), which are designed to provide durable activity in patients. The company is currently in the clinical stage of development.
This announcement contains forward-looking statements, which involve risks and uncertainties. These include but are not limited to economic conditions, public health emergencies, regulatory approvals, and the results of ongoing clinical studies. Adicet Bio cautions that these forward-looking statements are subject to change and are not guarantees of future performance. With a market capitalization of approximately $79 million and an Altman Z-Score of 4.96, detailed financial analysis is available in the comprehensive Pro Research Report, exclusively available to InvestingPro subscribers.
The information reported is based on a press release statement from Adicet Bio, Inc.
In other recent news, Adicet Bio has made significant strides in its financial and clinical operations. The company successfully cleared its debt with Banc of California (NYSE:BANC) and amended its loan agreement with Pacific Western Bank, providing more flexibility in managing its financial resources and investments in its Shanghai subsidiary. On the clinical front, Adicet Bio initiated a Phase 1 trial for its CAR T cell therapy, ADI-270, targeting advanced clear cell renal cell carcinoma.
Additionally, the company has commenced a Phase 1 clinical trial for lupus nephritis patients and received approval from the FDA to expand this trial to include idiopathic inflammatory myopathy and stiff person syndrome. These developments have led to positive feedback from analysts, with Guggenheim maintaining a Buy rating and H.C. Wainwright holding a Neutral stance. Canaccord Genuity and Jones Trading have also adjusted their price targets for Adicet Bio.
Lastly, the company expanded its board with the appointment of Dr. Lloyd Klickstein, an expert in rheumatology, immunology, and drug development. These recent developments reflect Adicet Bio's ongoing efforts to advance its financial and clinical strategies.
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