Business
Avalo Reports Second Quarter 2024 Financial Results and Provides Business Updates
Expects to enroll first patient in Phase 2 LOTUS Trial of AVTX-009 in hidradenitis suppurativa in the second half of 2024Appointed Dr. Mittie Doyle as Chief
About this update from Avalo Therapeutics, Inc.
[{"type":"text","content":"Expects to enroll first patient in Phase 2 LOTUS Trial of AVTX-009 in hidradenitis suppurativa in the second half of 2024Appointed Dr. Mittie Doyle as Chief Medical Officer and Paul Varki as Chief Legal OfficerCash on hand of approximately $93.4 million as of June 30, 2024 with expected cash runway into 2027 WAYNE, Pa. and ROCKVILLE, Md., Aug. 12, 2024 (GLOBE NEWSWIRE) -- Avalo Therapeutics, Inc. (Nasdaq: AVTX), today announced business updates and financial results for the second quarter of 2024. “The team has made outstanding progress in a short amount of time toward initiating the Phase 2 LOTUS Trial, as highlighted by the activation of the IND in July,” said Dr. Garry Neil, Chief Executive Officer and Chairman of the Board. “Furthermore, the Company is immediately benefiting from the addition of Mittie and Paul to the leadership team as CMO and CLO, respectively. Their deep expertise and leadership experience will guide us as we focus on initiating the LOTUS Trial, as well as the evaluation and announcement of a second indication, both of which we believe are on track for the second half of the year.” Program Updates and Milestones: AVTX-009: Anti-IL-1β monoclonal antibody (mAb) targeting inflammatory diseases. Avalo is pursuing the development of AVTX-009 in hidradenitis suppurativa (HS).In July 2024, Avalo announced that the Investigational New Drug Application (IND) for the treatment of HS is active, permitting Avalo to commence its Phase 2 LOTUS Trial in patients with HS.Avalo expects to enroll the first patient in its global Phase 2 LOTUS Trial in the second half of 2024.In addition to hidradenitis suppurativa, Avalo plans to develop AVTX-009 in at least one other chronic inflammatory indication. Second Quarter 2024 Financial Update: As of June 30, 2024, Avalo had $93.4 million in cash and cash equivalents. Net cash used in operating activities was $22.5 million for the six months ended June 30, 2024, which includes a $7.5 million milestone payment to AlmataBio, Inc. pursuant to the acquisition in the first quarter. The Company’s current cash on hand is expected to fund operations into 2027. For the six months ended June 30, 2024, Avalo generated a net loss of $22.8 million, representing a $4.7 million increase in net loss as compared to the same period in 2023. Total operating expenses increased by $25.3 million and wa...