Aptevo Therapeutics Collects $3.3 Million In Escrow Funds From Saol Therapeutics
January 03 2019 - 9:02AM
Aptevo Therapeutics Inc. (Nasdaq: APVO), a biotechnology company
focused on developing novel oncology and hematology therapeutics,
announced today that it has collected $3.3 million in escrow funds
from Saol Therapeutics related to a purchase agreement between the
companies under which Saol Therapeutics acquired three hyperimmune
products previously marketed by Aptevo, WinRho SDF, HepaGam B, and
VARIZIG.
The transaction, completed in September 2017 and
valued at up to $74.5 million, included an upfront payment to
Aptevo of $65 million, of which approximately $3.3 million was held
in an escrow account. The escrow funds have now been
collected in full by Aptevo, with no claims being made against it
by Saol. In addition, Aptevo is also eligible to receive a
potential milestone payment of up to $7.5 million from Saol related
to the achievement of a gross profit milestone threshold. In
addition, Aptevo may receive up to $2 million related to collection
of certain accounts receivable from Saol.
“We’re pleased to have collected the full amount
of escrow funds from Saol, which together with our existing cash
and cash flow from our marketed product, IXINITY, further
strengthens our cash position as we make important progress in 2019
advancing two lead ADAPTIR bispecific antibody programs, APVO436
and APVO210, being evaluated for the treatment of acute myeloid
leukemia and autoimmune disorders, respectively. Dosing in
the APVO436 Phase 1 clinical study commenced recently and we
anticipate beginning a Phase 1 clinical study of APVO210 in healthy
volunteers this quarter,” said Jeff Lamothe, Chief Financial
Officer.
About Aptevo Therapeutics
Inc.
Aptevo Therapeutics Inc. is a clinical-stage
biotechnology company focused on novel oncology and hematology
therapeutics to meaningfully improve patients’ lives. Aptevo has a
commercial product, IXINITY®coagulation factor IX (recombinant),
approved and marketed in the United States for the treatment of
Hemophilia B, and a versatile core technology – the ADAPTIR™
modular protein technology platform capable of generating
highly-differentiated bispecific antibodies with unique mechanisms
of action to treat cancer or autoimmune diseases. Aptevo has a
broad pipeline of novel investigational-stage bispecific antibody
candidates focused in immuno-oncology and autoimmune disease and
inflammation. For more information, please visit
www.aptevotherapeutics.com
Safe Harbor Statement
This press release includes forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Any statements, other than statements of
historical fact, including, without limitation, statements
regarding potential milestone payments, Aptevo’s outlook, financial
performance or financial condition, Aptevo’s technology and related
pipeline, collaboration and partnership opportunities, commercial
portfolio, milestones, and any other statements 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 underlying assumptions prove inaccurate or unknown
risks or uncertainties materialize, actual results could differ
materially from Aptevo’s expectations. Investors are, therefore,
cautioned not to place undue reliance on any forward-looking
statement. 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 Aptevo’s business or prospects; adverse
developments in research and development; adverse developments in
the U.S. or global capital markets, credit markets or economies
generally; and changes in regulatory, social and political
conditions. Additional risks and factors that may affect results
are set forth in Aptevo’s filings with the Securities and Exchange
Commission, including its most recent Annual Report on Form 10-K,
as filed on March 13, 2018 and its subsequent reports on Form 10-Q
and current reports on Form 8-K. The foregoing sets forth many, but
not all, of the factors that could cause actual results to differ
from Aptevo’s expectations in any forward-looking statements.
Source:Aptevo TherapeuticsStacey
JurchisonSenior Director, Investor Relations and Corporate
Communications206-859-6628 / JurchisonS@apvo.com
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