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> Adicet Bio Adicet Reports First Quarter 2021 Financial Results and Provides Business Updates May 17 , 2021 • Initiated Phase 1 Trial of ADI - 001 for the Treatment of B Cell Non - Hodgkin's Lymphoma ( NHL ) , interim clinical data expected in late 2021 • Successfully raised $ 143.8 million in net proceeds through a public offering and concurrent private placement to advance a pipeline of CAR gamma - delta T cell therapies MENLO PARK , Calif . and BOSTON , May 17 , 2021 ( GLOBE NEWSWIRE ) -- Adicet Bio , Inc. ( Nasdaq : ACET ) , a biotechnology company discovering and developing first - in - class allogeneic gamma delta T cell therapies for cancer and other diseases , today reported financial results for the first quarter ended March 31 , 2021 . " The first quarter of 2021 has been highly productive for Adicet both on the financial and clinical fronts . The successful execution of our capital raise , and the initiation of the Phase 1 trial of our lead product candidate , ADI - 001 , being evaluated for the treatment of NHL , have put us in a strong position to continue to build upon our ongoing momentum through the rest of the year , " said Chen Schor , President and Chief Executive Officer of Adicet Bio . " We look forward to reporting interim clinical data from the Phase 1 study of ADI - 001 later this year as well as continuing to develop our pipeline of " off - the - shelf " gamma delta T cell product candidates for the treatment of solid and hematologic tumors . " First Quarter & Recent Business Updates : • Appointed Dr. Blake Aftab as Vice President of Research . In April 2021 , Adicet announced the appointment of Blake Aftab , Ph.D. , as Vice President of Research and Development . Dr. Aftab will lead Adicet's research group and further progress the Company's gamma delta T cell platform and pipeline of programs . Dr. Aftab has nearly 20 years of rich experience in academia , biotech and the pharmaceutical industry developing multiple therapeutic modalities including cell therapies , small molecules , biologics and antibody - drug conjugates through all stages of drug development . Dr. Aftab succeeds Dr. Stewart Abbot who will be stepping down from his role as Chief Scientific Officer and moving to an advisory role with the Company . • Initiated Phase 1 Trial of ADI - 001 for the Treatment of NHL . In March 2021 , Adicet announced the initiation of its first- in - human Phase I clinical trial evaluating ADI - 001 , an investigational first - in - class allogeneic gamma delta T cell therapy expressing a chimeric antigen receptor ( CAR ) targeting CD20 , for the treatment of NHL . ADI - 001 is believed to be the first IND - cleared allogeneic CAR gamma - delta T cell therapy to reach human trials . Patient dosing has commenced in the Phase I trial to evaluate the safety , tolerability , pharmacokinetics and pharmacodynamics of ADI - 001 , and to determine optimal dosing as a monotherapy . Preliminary safety and tolerability data expected by the end of 2021 . • Appointed Andrew Sinclair , Ph.D. , to the Company's Board of Directors . In March 2021 , Adicet announced the appointment of Andrew Sinclair , Ph.D. , to its Board of Directors . Dr. Sinclair is currently a partner and portfolio manager at Abingworth LLP , where he has served in various positions focusing on investments in public and private biotech and pharmaceutical companies . • Successfully raised $ 143.8 million in net proceeds through a public offering and concurrent private placement . In February 2021 , Adicet successfully completed a capital financing of $ 152 million in aggregate gross proceeds . After deducting underwriting discounts and commissions and offering expenses , the Company received $ 143.8 million of net proceeds . The Company plans to utilize the net proceeds from the financing to advance its gamma delta T cell therapies . Financial Results for First Quarter 2021 : • Research and Development ( R & D ) Expenses : R & D expenses were $ 11.7 million for the three months ended March 31 , 2021 , compared to $ 7.0 million during the same period in 2020. The $ 4.7 million increase is primarily driven by an increase of $ 2.7 million of payroll and personnel expenses due to increases in headcount of employees involved in research and development activities , an increase of $ 1.3 million incurred for contract research organizations and consultant costs due to ramping up of clinical development activities related to our first product candidate , ADI - 001 and an increase of $ 0.7 million in facility and other expenses . Payroll and personnel expenses for the three months ended March 31 , 2021 includes $ 1.5 million of non - cash stock - based compensation expense compared to $ 0.1 million during the same period in 2020 . • General and Administrative ( G & A ) Expenses : G & A expenses were $ 5.6 million for the three months ended March 31 , 2021 , compared to $ 2.5 million during the same period in 2020. The $ 3.1 million increase is primarily driven by an increase