Business
Aptevo Therapeutics Reports Third Quarter Financial Results and Provides Business Update
$1.5 million of RUXIENCE® Royalties Earned in the Third QuarterFunding Extends Cash Runway Into Q3 2021SEATTLE, WA / ACCESSWIRE / November 10, 2020 / Aptevo
About this update from Aptevo Therapeutics Inc.
[{"type":"text","content":"$1.5 million of RUXIENCE® Royalties Earned in the Third QuarterFunding Extends Cash Runway Into Q3 2021SEATTLE, WA / ACCESSWIRE / November 10, 2020 / Aptevo Therapeutics Inc. (\"Aptevo\" or \"the Company\") (NASDAQ:APVO), a biotechnology company focused on developing novel immuno-oncology therapeutics based on its proprietary ADAPTIR™ bispecific technology platform, today reported financial results for the third quarter ended September 30, 2020, and provided a business update.\"We are pleased to report progress in our APVO436 Phase 1/1b trial. Dosing in cohorts 1 through 7 has been completed, and enrollment in cohort 8 has commenced. A total of 32 patients have been enrolled to date. In addition to our lead candidate progressing in the clinic, additional ADAPTIR™ candidates continue to develop,\" said Mr. Marvin White, President and CEO of Aptevo.Subsequent to quarter end, Aptevo announced preliminary data from cohort 6 of its APVO436 Phase 1/1b trial, including that two patients were in complete remission. \"We are greatly encouraged by the complete remission seen in patients in cohort 6, a wonderful outcome for them,\" said Marvin White, President and CEO of Aptevo Therapeutics. \"We are now in a critical phase of the study, as pharmacokinetic modelling suggests that dosing in cohorts 5 through 8 is in a therapeutic range, which could result in potential clinical activity of the drug. We look forward to continuing the dose escalation and monitoring potential clinical responses as we advance through the upcoming dose cohorts,\" concluded Mr. White.As previously announced in August, additional non-dilutive funding was secured through a $25 million term loan agreement with MidCap Financial Trust. Subsequent to the end of the quarter and through November 9, 2020, certain of the holders of the Company's warrants exercised warrants with a strike price of $18.20 per share, resulting in aggregate proceeds to the Company of approximately $16.4 million. As a result, Aptevo's cash runway now extends into 2022, which the company believes is beyond the currently anticipated time required to achieve a potentially efficacious dose level in the APVO 436 Phase 1/1b clinical trial.Aptevo also provided an update on the royalty payments, \"In the third quarter of 2020, we earned $1.5 million in royalty payments from Pfizer on the sales of RUXIENC...