Lava stock slips despite $7M from Pfizer (NASDAQ:LVTX)

LAVA Therapeutics (NASDAQ:LVTX) introduced Tuesday that Pfizer (PFE) had reached a key milestone in its medical program for most cancers candidate PF-08046052, resulting in a $7M cost to the Dutch biotech as the primary milestone cost in a collaboration between the 2 companies.

“We’re very happy with the initiation of medical improvement by Pfizer of PF-08046052,” CEO Stephen Hurly remarked.

“The initiation of the Part 1 examine for PF-08046052 marks the third asset using LAVA’s Gammabody platform to enter the clinic,” he added.

PF-08046052 is at present present process a Part 1 trial as a part of a licensing deal Pfizer (PFE) unit Seagen and LAVA reached in September 2022.

Based on its phrases, LVTX was eligible for $50M upfront and as much as ~$650M in milestone funds and royalties on potential gross sales.