Extends Cash Runway until Q3 2021

The current cash balance is expected to create a sufficient schedule to complete the APVO 436 Phase I (a) dosing cohorts which, according to preclinical modeling, could provide an effective dose.

SEATTLE, WA / ACCESSWIRE / August 6, 2020 / Aptevo Therapeutics Inc. (NASDAQ: APVO), a biotechnology company focused on the development of novel immuno-oncology treatments based on its proprietary bispecific technology platform ADAPTIR ™, today announced that it has entered into an agreement with MidCap Financial Trust (“MidCap “) for a $ 25 million loan facility. The loan was fully funded at closing.

Jeff Lamothe, Chief Financial Officer of Aptevo said: “We have built a strong partnership with MidCap over the past four years and are delighted to partner with them again. The size and structure of this non-dilutive loan were positively influenced by our RUXIENCE. ™ and IXINITY® royalty flow. We believe that this funding, along with the scheduled quarterly royalty payments from Pfizer and Medexus, related to RUXIENCE and IXINITY respectively, provide Aptevo with a strong cash position to further develop APVO 436 and our preclinical candidates. This funding extends our cash flow track until the third quarter of 2021, which, based on preclinical modeling, exceeds the time frame currently planned to reach a potentially effective dose level in our APVO 436 phase I clinical trial (a) . Our previously announced process with Piper Sandler to sell our RUXIENCE royalty stream and our IXINITY the royalty stream and milestones are underway. “

The MidCap loan has a term of 48 months, bears interest only for the first 18 months, with straight-line amortization for the remaining 30 months, and bears interest at the one-month LIBOR rate plus 6.25% per annum, subject to at a rate of 1.50%. Sol LIBOR. The loan includes additional repayment provisions if one or both of the IXINITY-related royalties or milestones or royalties linked to RUXIENCE be sold during the term of the loan. See 8-K, which will be filed within the next four business days, for details on the loan agreement.

About Aptevo Therapeutics Inc.

Aptevo Therapeutics Inc. is a clinical-stage biotechnology company focused on the development of novel immunotherapies for the treatment of cancer. The Company’s lead clinical candidate, APVO436, and the preclinical candidates, ALG.APV-527 and APVO603, have been developed based on the Company’s versatile and robust modular ADAPTIR ™ technology platform. The ADAPTIR platform is capable of generating highly differentiated bispecific antibodies with unique mechanisms of action for the treatment of different types of cancer. For more information, please visit www.aptevotherapeutics.com

Safe Harbor Declaration

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including, without limitation, statements regarding potential royalties and milestone payments , Aptevo’s ability to successfully sell the rights to such payments on terms acceptable to Aptevo, Aptevo’s prospects, financial performance or condition, estimated cash consumption, Aptevo’s technology and associated pipeline, collaboration and partnership opportunities, milestones and any other statement containing the words “believes”, “expects”, “anticipates”, “intends”, “plans”, “forecasts”, “estimates”, “Will” and similar expressions are forward-looking statements. These forward-looking statements are based on Aptevo’s current intentions, beliefs and expectations regarding future events. Aptevo cannot guarantee that any forward-looking statement will be accurate. Investors should realize that if the underlying assumptions prove to be incorrect or if unknown risks or uncertainties materialize, actual results could differ materially from Aptevo’s expectations. Therefore, investors are cautioned not to place undue reliance on forward-looking statements. Any forward-looking statement speaks only as of the date of this press release and, except as required by law, Aptevo does not undertake to update any forward-looking statement to reflect new information, events or circumstances.

There are a number of important factors that could cause Aptevo’s actual results to differ materially from those indicated by such forward-looking statements, including a deterioration in the business or outlook of Aptevo; unfavorable developments in research and development; adverse developments in US or global capital markets, credit markets or economies in general; and changes in regulatory, social and political conditions. Additional risks and factors that may affect results are set out in documents filed by Aptevo with the Securities and Exchange Commission, including its most recent annual report on Form 10-K, as filed on March 25, 2020 and his subsequent reports on Form 10-Q and current reports on Form 8-K. The foregoing sets out many factors, but not all, that could cause actual results to differ from Aptevo’s expectations in any forward-looking statement.

Daphne taylor
Vice President, Finances
+1 206-859-6629
[email protected]

THE SOURCE: Aptevo Therapeutics

See the source version on accesswire.com: