Business
Avalo Reports First Quarter 2023 Financial Results and Provides Business Updates
Topline data expected in the second quarter of 2023 from the Phase 2 PEAK Trial of AVTX-002 in non-eosinophilic asthma (NEA)Disclosed cash of approximately
About this update from Avalo Therapeutics, Inc.
[{"type":"text","content":"Topline data expected in the second quarter of 2023 from the Phase 2 PEAK Trial of AVTX-002 in non-eosinophilic asthma (NEA)Disclosed cash of approximately $16.7 million as of March 31, 2023 WAYNE, Pa. and ROCKVILLE, Md., May 04, 2023 (GLOBE NEWSWIRE) -- Avalo Therapeutics, Inc. (Nasdaq: AVTX), today announced business updates and financial results for the first quarter of 2023. “We made significant progress advancing our Phase 2 PEAK trial of AVTX-002 in patients with NEA and we are very excited to be on the cusp of the corresponding and potentially transformational topline data release,” said Dr. Garry Neil, Chief Executive Officer and Chairman of the Board. “There is strong clinical evidence that cytokines regulated by decoy receptor 3 (DcR3): LIGHT (and its signaling network including BTLA), TL1A and FasL are key drivers of inflammatory diseases in the lung, gut and skin. We believe our upcoming data readout will validate the opportunity for AVTX-002 in NEA and support further development in eosinophilic asthma and COPD, as well as other chronic inflammatory diseases of the lung.” Program Updates and Milestones: AVTX-002: Anti-LIGHT monoclonal antibody (mAb) targeting immune-inflammatory diseases. NEA: Avalo has completed enrollment of the Phase 2 PEAK trial evaluating the safety and efficacy of AVTX-002 in 91 patients with NEA. Topline data expected in the second quarter of 2023. AVTX-008: B and T Lymphocyte Attenuator (BTLA) agonist fusion protein targeting immune dysregulation disorders. Avalo identified a lead molecule and is currently evaluating several immune dysregulation disorders, with a target IND submission planned in 2024. AVTX-803: Fucose replacement for leukocyte adhesion deficiency type II (LAD II, also known as SLC35C1-CDG), a congenital disorder of glycosylation (CDG). Timing of pivotal data from the pivotal LADDER trial evaluating the safety and efficacy of AVTX-803 in approximately 2 patients with LAD II is under evaluation. First Quarter 2023 Financial Update: Avalo had $16.7 million in cash and cash equivalents as of March 31, 2023, representing a $3.5 million increase compared to December 31, 2022. The increase was driven by $13.7 million of net proceeds from an equity financing offset by operating expenditures. Total operating expenses decreased $12.8 million for the three months ended March 31, 2023 a...