Benzinga | Sep 23, 2020 05:25AM EDT

Adicet Bio Announced Not Proceeding with Previously Announced Public Offering of Common Stock

Adicet Bio, Inc. (NASDAQ:ACET) announced Tuesday that it has determined not to proceed with its proposed public offering of 4,500,000 shares of its common stock previously announced on September 21, 2020. The Company believes that current market conditions are not conducive to an offering on terms that would be in the best interests of its current stockholders.

"We are well capitalized into 2022 and expect to meet multiple near-term milestones," saidChen Schor, President and Chief Executive Officer ofAdicet Bio, Inc."Given our solid financial position and outlook, we look forward to advancing our gamma delta T cell platform and programs."

Adicet anticipates the following near-term milestones:

File IND for ADI-001 CD20 gamma delta CAR-TPhase 1 clinical study of ADI-001 in non-Hodgkin's lymphomaADI-001 expansion in diffuse large B-cell lymphoma and/or mantle cell lymphomaFile IND for ADI-002 GPC3 gamma-delta CAR-TInitiate Phase 1 clinical study in hepatocellular carcinoma and other solid tumorsThe offering was being made pursuant to an effective shelf registration statement that was declared effective by the U.S. Securities and Exchange Commission (SEC) onFebruary 12, 2019. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.