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Adicet Bio has completed its merger with resTORbio, now trading as "ACET" on Nasdaq from September 16, 2020. The company focuses on developing allogeneic gamma delta T cell therapies for oncology. Following the merger, Adicet's pipeline includes the initiation of clinical studies for ADI-001 and ADI-002 to target hematological and solid tumors. A 7:1 reverse stock split was executed, resulting in approximately 19.6 million outstanding shares, with previous Adicet equityholders owning 75% of the combined company. This merger is expected to enhance their clinical trial capabilities and market position.
Adicet Bio announced a $10 million milestone payment from Regeneron for its ADI-002 product achieving key preclinical development goals. ADI-002 targets GPC3, a protein found in various solid tumors, with preclinical studies showing promise in anti-tumor activity. The company plans to start a Phase 1 study in 2021 focusing on cancers like hepatocellular carcinoma. Furthermore, a merger agreement with resTORbio is expected to close in H2 2020, creating a publicly traded entity under the name Adicet Bio and the ticker ACET.
resTORbio, Inc. (Nasdaq: TORC) announced a corporate update and second quarter 2020 financial results. The company is progressing towards a merger with Adicet Bio, expected to close in late 2020, aimed at enhancing value through the development of gamma delta T cell therapies for oncology. Q2 2020 R&D expenses dropped to $1.8 million from $16.6 million year-over-year. General and administrative expenses increased to $3.9 million, reflecting merger-related costs. The net loss decreased to $5.6 million, or $0.15 per share. Cash and equivalents stood at $70.9 million as of June 30, 2020.
TrialSpark has partnered with resTORbio (Nasdaq: TORC) to explore RTB-101 as a treatment for COVID-19 in a community study. The study, supported by an NIA grant, will evaluate RTB-101's effectiveness in preventing symptoms and hospitalizations among asymptomatic COVID-19 patients and their cohabitants. TrialSpark's Project Covalence platform, launched on June 16, enables rapid trial initiation while maintaining patient safety during the pandemic. This collaboration aims to address the urgent need for effective treatments outside of hospital settings.
resTORbio, Inc. (Nasdaq: TORC) announced funding from the National Institute on Aging for a pilot study of RTB101, aimed at evaluating its efficacy in reducing COVID-19 severity among older adults. This double-blind, placebo-controlled study will enroll approximately 60 asymptomatic participants aged 65 and older who have been exposed to COVID-19. The research is positioned to inform future pivotal trials, supported by previous clinical data suggesting RTB101's potential benefits in managing coronavirus infections. The study will be conducted in partnership with Harvard Medical School and the University of Connecticut Health Center.
resTORbio (Nasdaq: TORC) has initiated a randomized, double-blind, placebo-controlled trial to assess RTB101 for COVID-19 prophylaxis in nursing home residents. This decision follows previous Phase 2b and Phase 3 trials, indicating RTB101 reduced respiratory tract infection incidence by 30.6% in older adults. The new study will evaluate if RTB101 decreases the severity of laboratory-confirmed COVID-19 among nursing home residents exposed to the virus. Approximately 550 participants will be enrolled, with results expected to provide insight into RTB101's effectiveness against COVID-19.
resTORbio, Inc. (Nasdaq: TORC) announced significant updates in its Q1 2020 report, highlighted by a merger agreement with Adicet Bio focusing on innovative gamma delta T cell therapies for oncology. The merger enables Adicet stockholders to become majority owners of resTORbio post-close. Financially, R&D expenses decreased to $4.8 million, while net loss narrowed to $7.0 million ($0.19/share). However, cash and marketable securities fell to $76.3 million from $91.5 million in Q4 2019. The termination of a trial cohort due to COVID-19 was also disclosed.
