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Update 1:57 PM EST: Adds details on H.C. Wainwright’s downgrade
Cell therapy developer Adicet Bio (NASDAQ:ACET) has reprioritized its resources to focus its lead candidate, ADI-001, on autoimmune indications. The decision has prompted the company to discontinue patient enrollments in a Phase 1 trial for the CAR T cell therapy in lymphoma.
In a regulatory filing after the market close on Tuesday, the Boston, Massachusetts-based biotech said it would allocate R&D resources to prioritize studies into ADI-001 in autoimmune conditions such as lupus nephritis and systemic lupus erythematosus.
As a result, enrollments in a Phase 1 trial for ADI-001 in mantle cell lymphoma will be closed. Adicet Bio (ACET) also shared topline data from the trial based on ten evaluable patients, noting that according to an Aug. 22 data cut, 80% of patients on ADI-001 witnessed either complete or partial remission.
60% experienced complete remission, with a median duration of complete response of 17.5 months.
According to ACET, the experimental therapy showed a favorable safety and tolerability profile. There were no cases of graft-versus-host disease, and the incidence of adverse events such as cytokine release syndrome and neurotoxicity reported at Grade 3 or more on the severity scale was low.
After the decision, H.C. Wainwright downgraded ACET to neutral from buy, noting that ADI-001 currently has no clinical data available for new potential indications. Analyst Edward White also removed his price target on the stock.
