Business
Aptevo Therapeutics Reports 1Q23 Financial Results and Provides Business Update
Company Achieves Multiple Clinical and Preclinical Milestones and Raises $9.7 Million in Non-Dilutive Funding, Eliminates Balance Sheet DebtIntroduces Novel
About this update from Aptevo Therapeutics Inc.
[{"type":"text","content":"Company Achieves Multiple Clinical and Preclinical Milestones and Raises $9.7 Million in Non-Dilutive Funding, Eliminates Balance Sheet DebtIntroduces Novel Compound APVO711, Dual Mechanism of Action Includes Both Checkpoint Inhibitor and T Cell StimulatorSEATTLE, WA / ACCESSWIRE / May 11, 2023 / Aptevo Therapeutics Inc. (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 reported financial results for the quarter ended March 31, 2023 and provided a business update.First Quarter HighlightsRaised $9.7 million in non-dilutive funding, extending cash runway beyond 12 monthsA portion of the proceeds was used to fully repay the existing debt facility on the Company's balance sheetThe Company achieved this by closing a transaction for the complete sale of all future IXINITY deferred payments and a portion of IXINITY milestones to XOMA CorporationAnnounced plans to initiate its Phase 2 program in the second half of 2023 to further evaluate APVO436, a bispecific CD3xCD123 ADAPTIR molecule, in combination with venetoclax and azacytidine in frontline and relapsed/refractory venetoclax treatment naïve patients with acute myeloid leukemia (AML). The trial design will be informed by the positive Phase 1 results announced at ASH in December 2022Dosed the first patient in the Company's Phase 1 trial evaluating ALG.APV-527 intended for the treatment of solid tumors, potentially including, but not limited to, breast, colon, lung and pancreatic, which are likely to express the 5T4 antigenALG.APV-527 is a bispecific antibody designed to target cancer cells by activating both T-cells and natural killer cells and is intended to bind to tumor-specific antigens while sparing healthy cells and maximizing immune responseIntroduced pipeline candidate, APVO711, a PD-L1 x CD40 compound with a dual mechanism of action that includes a checkpoint inhibitor that blocks the T cell inhibitory pathway while also stimulating antigen presenting cellsAPVO711 has the potential to fight a range of solid malignancies such as head and neck squamous cell carcinoma, melanoma, and carcinomas of the lung, gastrointestinal tract and colonThe Company filed a provisional patent for APVO711 in January 2023\"As promised, momentum on all fron...