Business
Avalo Therapeutics Reports 2021 Financial Results and Provides Business Updates
Dr. Garry Neil and Chris Sullivan promoted to Chief Executive Officer and Chief Financial Officer, respectivelyAnnounced plans to initiate a Phase 2
About this update from Avalo Therapeutics, Inc.
[{"type":"text","content":"Dr. Garry Neil and Chris Sullivan promoted to Chief Executive Officer and Chief Financial Officer, respectivelyAnnounced plans to initiate a Phase 2 randomized, double-blind, placebo-controlled trial in moderate to severe Non-eosinophilic Asthma (NEA) patients. Topline data anticipated in the fourth quarter of 2022Pipeline optimized to focus on most promising candidates and indicationsCash and cash equivalents of $54.6 million as of December 31, 2021 WAYNE, Pa. and ROCKVILLE, Md., March 02, 2022 (GLOBE NEWSWIRE) -- Avalo Therapeutics, Inc. (Nasdaq: AVTX), a leading clinical-stage precision medicine company that discovers, develops, and commercializes targeted therapeutics for patients with significant unmet need in immunology and rare genetic diseases, today announced business updates and year-end financial results for 2021. “2021 was an important year for Avalo in that the Company produced compelling data for AVTX-002 in both acute and chronic inflammatory diseases. Furthermore, it positioned the Company to launch a placebo-controlled trial in NEA (AVTX-002), as well as two rare disease pivotal trials in 2022,” said Dr. Garry Neil, Chief Executive Officer of Avalo Therapeutics. “We are focused on the operational execution of these programs and their corresponding milestones, which have great potential to drive shareholder value in the coming year. We believe the recent pipeline prioritization will allow for greater focus on these most promising programs while also allowing for a reduction in cash burn.” Business Updates: Promoted Dr. Garry Neil to Chief Executive Officer and Chris Sullivan to Chief Financial Officer. Dr. Neil brings to this position extensive clinical development and leadership experience in the biopharmaceutical industry including his current role as Chairman of the Board for Arena Pharmaceuticals and prior senior positions in leading pharmaceutical companies including Johnson & Johnson, Merck and AstraZeneca. Mr. Sullivan brings strong financial leadership to Avalo from his prior senior level finance/accounting positions for various Nasdaq-listed life science companies and Ernst & Young.Appointed June Almenoff M.D., Ph.D., and Mitchell Chan to the Board of Directors. Dr. Almenoff brings close to 25 years of leadership experience focused on research and development and commercialization including her time as t...