Celyad SA Says Use of Cash in Q1 in Line With Expectations

Celyad SA (CYAD), a company focused on the development of specialized CAR-T cell-based therapies, said it ended Q1 with EUR25.1 million ($29.8 million) in cash, cash equivalents, and short-term investments, with use of cash amounting to EUR8.8 million, in line with expectations.

“We had a productive first quarter, further defining our strategy that will guide CYAD-01 in becoming the foundation for cancer therapies,” CEO Christian Homsy said in a statement late Tuesday. “Not only have we progressed in the THINK trial, we have also treated our first patients in the SHRINK and LINK trial.”

The company noted that the absence of any observed critical on target/off tumor toxicity in its trials is an important signal validating the company’s technology. “The next months will be exciting for our company and we look forward communicating results on our clinical trials in scientific congresses,” the CEO added.

The company said in a separate statement, also on late Tuesday, that it intends to sell up to 1,800,000 ordinary shares in a global offering. It also plans to grant the underwriters a 30-day option to purchase additional ordinary shares of up to 15% of the total number of ordinary shares being sold.

Shares were down 7% in afternoon trading.

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