APVO - Aptevo Therapeutics raises $9.6M in non-dilutive funding

2023-03-30 07:47:01 ET

• Aptevo Therapeutics ( NASDAQ: APVO ) has raised $9.6M in non-dilutive funding, extending its cash runway beyond 12 months with an additional $50K possible based on IXINITY sales in 1Q 23.
• The company raised this funding by closing a transaction for the complete sale of all future IXINITY deferred payments and a portion of IXINITY milestones to XOMA.
• Aptevo retains rights to potential milestones related to regulatory approvals and IXINITY worldwide net sales of up to an additional $5.8M.
• Partial proceeds to be used for fully repaying the existing debt facility on the company's balance sheet.
• "With this transaction we now have approximately $26M in cash after using a portion of the proceeds to fully repay the debt on our balance sheet. This strongly positions us going forward as a debt-free company and eliminating all future interest payments on the debt," CFO Daphne Taylor commented.
• Shares trading 8.4% higher premarket.

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