Business
Avalo Reports Second Quarter 2022 Financial Results and Provides Business Updates
Transferred anti-IL 18 monoclonal antibody product (AVTX-007) to Apollo Therapeutics in July with the approximate $15 million of upfront payment received in
About this update from Avalo Therapeutics, Inc.
[{"type":"text","content":"Transferred anti-IL 18 monoclonal antibody product (AVTX-007) to Apollo Therapeutics in July with the approximate $15 million of upfront payment received in AugustDosed first patient in the Phase 2 PEAK Trial of its anti-LIGHT monoclonal antibody (AVTX-002) for the treatment of non-eosinophilic asthma (NEA)Dosed first patient in the Pivotal LADDER Trial of AVTX-803 for the treatment of Leukocyte Adhesion Deficiency Type II (LAD II)Disclosed cash and cash equivalents of $11 million as of June 30, 2022, which does not include the approximate $15 million received in August WAYNE, Pa. and ROCKVILLE, Md., Aug. 04, 2022 (GLOBE NEWSWIRE) -- Avalo Therapeutics, Inc. (Nasdaq: AVTX), today announced business updates and financial results for the second quarter of 2022. “We have made significant progress advancing our clinical trials while also securing critical nondilutive capital since our first quarter business update,” said Dr. Garry Neil, President and Chief Executive Officer of Avalo Therapeutics. “We are pleased to have enrolled the first patient in both our Phase 2 PEAK trial of AVTX-002 in NEA as well as our pivotal LADDER trial of ATX-803 in LAD II. Additionally, it’s critically important that we secured approximately $15 million of initial consideration from our license and transfer of our AVTX-007 program. The transaction allows us to operationally and financially focus on our most promising programs, most notably AVTX-002.” Business Updates: In July 2022, Avalo granted an exclusive license to Apollo Therapeutics Group Limited (Apollo) granting rights to Apollo to research, develop, manufacture and commercialize AVTX-007. The AVTX-007 program was originally licensed to Avalo by MedImmune Limited, a subsidiary of AstraZeneca plc, and such license was transferred to Apollo as part of the transaction. Avalo received approximately $15 million of upfront consideration.Avalo is also entitled to up to $74 million of milestone payments, as well as a royalty payment of a low single digit percentage of annual net sales. On July 7, 2022, Avalo effected a 1-for-12 reverse stock split to increase the per share price of its common stock to regain compliance with the listing requirements of the Nasdaq Capital Market. On July 22, 2022, the Company received written notification from Nasdaq that Avalo had regained compliance and that the matter ...