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LAVA THERAPEUTICS LAVA Therapeutics Provides Business Update and Reports First Quarter Financial Results May 20 , 2021 IPO bolsters balance sheet to $ 160 million in cash and cash equivalents ; expected to fund operations at least into the second half of 2023 Clinical development plans on schedule in both hematological and solid tumor programs Leadership strengthened through key management and board appointments UTRECHT , The Netherlands and PHILADELPHIA , May 20 , 2021 ( GLOBE NEWSWIRE ) -- LAVA Therapeutics N.V. ( Nasdaq : LVTX ) , a biotechnology company focused on applying its expertise in gamma - delta bispecific T cell engagers ( bsTCEs ) to transform cancer therapy , today reported its business update and first quarter 2021 financial results . " We continue to make important strides across all aspects of our business as we transition to a clinical stage organization , " said Stephen Hurly , chief executive officer of LAVA Therapeutics . " With the recent additions to our leadership team and board and the proceeds from our IPO , we are well - positioned to advance our pipeline as we work toward our mission of transforming cancer therapy for patients . " Recent Business and Pipeline Highlights Phase 1 / 2a Clinical Trial of LAVA - 051 for Multiple Hematological Malignancies on Track : LAVA is on track to initiate its open - label , multi - center , Phase 1 / 2a clinical trial of LAVA - 051 for the treatment of relapsed and / or refractory chronic lymphocytic leukemia ( CLL ) , multiple myeloma ( MM ) and acute myeloid leukemia ( AML ) in the first half of 2021. The trial is designed to evaluate the safety , tolerability , pharmacokinetics , pharmacodynamics , immunogenicity and preliminary antitumor activity of LAVA - 051 . Preclinical Data Supporting Anti - Tumor Activity of LAVA - 051 Presented at AACR Virtual 2021 Annual Meeting : In April 2021 , LAVA presented preclinical data on LAVA - 051 at the virtual American Association for Cancer Research ( AACR ) Annual Meeting . The data demonstrated that LAVA - 051 exerted substantial antitumor activity against patient derived CLL , MM and AML cells that express CD1d . In addition , improved survival was observed in in vivo AML and MM mouse xenograft models treated with LAVA - 051 . Successful Initial Public Offering Completed : In March 2021 , LAVA priced its initial public offering ( IPO ) at $ 15.00 per share . In connection with the offering , the Company issued 7,125,712 common shares resulting in gross proceeds , before deducting underwriting discounts and commissions and offering expenses payable by LAVA , of approximately $ 107 million . Leadership Team Strengthened by Appointment of Edward Smith as Chief Financial Officer : In March 2021 , LAVA further strengthened its management team with the appointment of Edward F. Smith as its chief financial officer . Ed has more than 20 years of executive finance and operational leadership experience in publicly traded biotechnology companies from early stage through commercialization . Ed most recently served as chief financial officer of Marinus Pharmaceuticals and is currently a member of the board of directors of Benitec Biopharma , Inc. Industry Veterans Appointed to Board of Directors : • In February 2021 , LAVA appointed Dr. Kapil Dhingra as chairman of the board of directors . Kapil is a medical oncologist and physician - scientist and brings more than 30 years of experience in oncology clinical research and drug development within the biotechnology and pharmaceutical industries . Most recently , he served as vice president , head of the oncology disease biology leadership team and head of oncology clinical development at Hoffmann - La Roche , during which he led numerous drug approvals , including HerceptinⓇ , TarcevaⓇ and AvastinⓇ . In addition to LAVA , he is currently a member of the boards of directors of Black Diamond Therapeutics , Inc. , Replimune , Inc. , Five Prime Therapeutics , Inc. , Autolus Therapeutics plc , and Median Technologies . • In April 2021 , LAVA appointed biopharmaceutical finance executive , Karen Wilson , to its board of directors and as chair of its Audit Committee . Karen brings more than 30 years of finance and leadership experience in the life sciences industry , most recently serving as senior vice president of finance at Jazz Pharmaceuticals plc . In addition to LAVA , she currently serves on the board of directors of Angion Biomedica , Connect Biopharma and Vaxart , Inc.