Yes. Use csbuilder to construct the first line:
Dim cs As CSBuilder
cs.Initialize.Size(30).Color(Colors.Red).Typeface(Typeface.CreateNew(Typeface.DEFAULT,Typeface.STYLE_ITALIC)).Append("My First Line").PopAll
MyLv.AddTwoLinesAndBitmap(cs, then 2nd line, then bitmap)
It is recommended these days to use xClv instead of ListView.
Can you correct your thread title from listvew to ListView although it is spelled correctly in the body of your post.