Business
Avalo Reports Third Quarter 2022 Financial Results and Provides Business Updates
Topline data expected in the first half of 2023 from the Phase 2 PEAK Trial of AVTX-002 in non-eosinophilic asthma (NEA)Entered into agreement to sell future
About this update from Avalo Therapeutics, Inc.
[{"type":"text","content":"Topline data expected in the first half of 2023 from the Phase 2 PEAK Trial of AVTX-002 in non-eosinophilic asthma (NEA)Entered into agreement to sell future economic rights to previously out-licensed assets in consideration for $5 million to be received upon closingProgressed BTLA Agonist Fusion Protein (AVTX-008) to IND-enabling studiesDisclosed cash of approximately $17 million as of September 30, 2022 WAYNE, Pa. and ROCKVILLE, Md., Nov. 07, 2022 (GLOBE NEWSWIRE) -- Avalo Therapeutics, Inc. (Nasdaq: AVTX), today announced business updates and financial results for the third quarter of 2022. “We have made great operational progress on the enrollment of our Phase 2 PEAK trial of AVTX-002 in NEA. We expect to complete enrollment by the end of the year, which keeps us on track to release topline data in the first half of 2023,” said Dr. Garry Neil, Chief Executive Officer and Chairman of the Board. “Additionally, we expect to further strengthen our balance sheet with the $5 million to be received from the sale of economic rights of previously out-licensed assets upon the transaction closing, which further demonstrates the execution of our strategy to utilize business development to fund our core programs. Once completed, we will have raised $20 million through nondilutive transactions since August. Avalo is focused on closing out the year with further operational and strategic success.” Business Updates: On November 4, 2022, Avalo entered into an agreement with ES Therapeutics, LLC, an affiliate of Armistice Capital LLC (Armistice), to sell its net economic rights to future payments of previously out-licensed assets including AVTX-007, AVTX-501, and AVTX-611 for proceeds of $5 million. The sale is expected to close in November.In August 2022, Avalo’s Board of Directors appointed Dr. Garry Neil, MD, Avalo’s Chief Executive Officer and Director, as Chairman of the Board. Steven Boyd and Keith Maher, MD, both of Armistice, left Avalo’s Board of Directors. The former directors expressed that they were pleased with Avalo’s strategic progress under Dr. Neil and continued to be supportive of Avalo.Avalo sharpened its focus to dysregulated inflammation specifically as it relates to the LIGHT-signaling network. We have two drug candidates that modulate the LIGHT-signaling network, AVTX-002, an anti-LIGHT monoclonal antibody in Phase 2, an...