Business
Aptevo Therapeutics Earns $10 Million Non-Dilutive Milestone Payment on Sales of RUXIENCE, Provides Company Update
APVO436 Phase 1b Trial for Acute Myeloid Leukemia Adds New SiteComplete Remission Patient to Advance to TransplantSEATTLE, WA / ACCESSWIRE / February 9, 2022
About this update from Aptevo Therapeutics Inc.
[{"type":"text","content":"APVO436 Phase 1b Trial for Acute Myeloid Leukemia Adds New SiteComplete Remission Patient to Advance to TransplantSEATTLE, WA / ACCESSWIRE / February 9, 2022 / Aptevo Therapeutics Inc. (\"Aptevo\" or the \"Company\") (NASDAQ:APVO), a clinical-stage biotechnology company focused on developing novel immuno-oncology therapeutics based on its proprietary ADAPTIR™ and ADAPTIR-FLEX™ platform technologies, today announced that the Company has earned a $10 million non-dilutive milestone payment related to 2021 sales of RUXIENCE®. Additionally, based on RUXIENCE 2021 fourth quarter and full-year sales results, the Company is optimistic about the possibility of earning additional non-dilutive milestones totaling $22.5 million over the next two years. The Company also announced that its Phase 1b trial evaluating lead drug candidate APVO436 for the treatment of acute myeloid leukemia (AML) continues to enroll new clinical trial sites and that the first complete remission patient, announced in 2021, is proceeding to transplant.RUXIENCE MilestonesAptevo has earned a $10 million milestone payment related to sales of RUXIENCE under the terms of its royalty purchase agreement with HealthCare Royalty Management, LLC (HCR). The milestone will be used to pay down MidCap Financial debt, reducing outstanding principal on the debt to $5 million and strengthening the Company's balance sheet. This, in combination with $46.3 million of cash-on-hand as of December 31, 2021, gives the Company cash runway through 1Q23, positioning Aptevo well to complete dosing in its ongoing APVO436 Phase 1b clinical trial and, in partnership with Alligator BioScience, to initiate a clinical trial for ALG.APV-527.RUXIENCE, a Pfizer drug, is a biosimilar to RITUXAN®. Pfizer reported 2021 revenue of $491 million from RUXIENCE, including $148 million in 4Q21, exceeding the $395 million threshold required for Aptevo to fully earn the 2021 $10 million milestone. Annualizing the $148 million Q4 revenue suggests 2022 full-year revenue could be approximately $592 million. Aptevo will earn $12.5 million of additional milestones in 2022 if revenue is at least $525 million. Similarly, an additional $10 million milestone can be earned in 2023 if revenue is at least $570 million. Given the above, Aptevo is optimistic about fully earning these additional future non-dilutive milestones t...