Business
Aptevo Therapeutics Raises $9.6 Million in Non-Dilutive Funding
Completes Sale of IXINITY Deferred Payments and Portion of Milestones from Medexus to XOMA CorporationSEATTLE, WA / ACCESSWIRE / March 30, 2023 / Aptevo
About this update from Aptevo Therapeutics Inc.
[{"type":"text","content":"Completes Sale of IXINITY Deferred Payments and Portion of Milestones from Medexus to XOMA CorporationSEATTLE, WA / ACCESSWIRE / March 30, 2023 / 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 raised $9.6 million in non-dilutive funding, extending its cash runway beyond 12 months with an additional $50,000 possible based on IXINITY sales in Q123. Aptevo raised this funding by closing a transaction for the complete sale of all future IXINITY deferred payments and a portion of IXINITY milestones to XOMA Corporation. A portion of the proceeds was used to fully repay the existing debt facility on the Company's balance sheet.Independent of the agreement and in addition to the receipt of the above referenced $9.6 million, Aptevo retains rights to potential milestones related to regulatory approvals and IXINITY worldwide net sales of up to an additional $5.8 million, as follows:$750,000 for Canadian registrationUp to $2.5 million for regulatory approval in certain European countries ($0.5 million each upon the regulatory approval from the appropriate governmental body in each of Germany, France, United Kingdom, Spain, and Italy)$2.5 million for the first fiscal year should worldwide net sales meet or exceed $120 millionThese milestones may be earned up to February 28, 2035\"We are pleased to share that yet again, we are able to deliver non-dilutive funding for the Company on behalf of our shareholders, extending value in a market that continues to challenge our industry,\" said Jeff Lamothe, Chief Operating Officer at Aptevo. \"Throughout these challenging times - first the pandemic and then the market downturn - we have successfully remained focused on advancing our work. With this transaction we are reinforcing our commitment to both shareholders and to patients who may benefit from our ultimate success.\"Daphne Taylor, Chief Financial Officer at Aptevo continued \"With this transaction we now have approximately $26 million in cash after using a portion of the proceeds to fully repay the debt on our balance sheet. This strongly positions us going forward as a debt-free Company and eliminating all future i...