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Avalo Therapeutics Transfers Anti-IL-18 Antibody, AVTX-007 (camoteskimab) to Apollo Therapeutics
Avalo to receive an approximately $15 million upfront payment, up to $74 million in milestone payments.Apollo to lead continued clinical development of
About this update from Avalo Therapeutics, Inc.
[{"type":"text","content":"Avalo to receive an approximately $15 million upfront payment, up to $74 million in milestone payments.Apollo to lead continued clinical development of AVTX-007, currently in Phase 1b ROCKVILLE, Md. and CAMBRIDGE, United Kingdom, Aug. 01, 2022 (GLOBE NEWSWIRE) -- Avalo Therapeutics, Inc. (Nasdaq: AVTX) and Apollo Therapeutics Group Limited have entered into a worldwide, exclusive license agreement granting rights to Apollo to research, develop, manufacture and commercialize AVTX-007 (camoteskimab), Avalo’s anti-IL-18 monoclonal antibody product. Under the terms of the agreement, Apollo will assume responsibility for the future development of AVTX-007, including the ongoing clinical trial. Apollo will lead future clinical development in its selected therapeutic indications. “This transaction is critically important to Avalo. It extends our cash runway and allows us to increase our focus on our lead molecule, AVTX-002, and our ongoing phase 2 PEAK trial evaluating AVTX-002 for the treatment of non-eosinophilic asthma,” said Garry A. Neil, MD, President and Chief Executive Officer of Avalo Therapeutics. “Furthermore, we are excited to transition camoteskimab to a capable and well-funded partner in Apollo Therapeutics whom we expect will progress the development of this promising asset to the potential benefit of patients and our collective financial interests.” “We are pleased to have entered into this agreement with Avalo and look forward to building upon the work done to date with camoteskimab,” said Richard Mason, MD, chief executive of Apollo. “With our university partners we have built translational leadership in three core areas of biological focus – immunology, cell signaling, and cell stress responses and metabolism – and the addition of this Phase 2 ready antibody for an important inflammasome target substantially accelerates the growth of our pipeline in this area of immunology, where we are advancing additional preclinical programs. We seek further opportunities to acquire clinical assets in our areas of biological and therapeutic focus.” Pursuant to the license agreement, Avalo will receive within 5 days of execution of the agreement $5 million of upfront fee and an additional approximately $10 million as consideration for transfer activities. Apollo will also pay Avalo up to $74 million of milestones, as well as a roya...