APVO - Aptevo Therapeutics receives $10M in non-dilutive milestone payment on RUXIENCE sales

Aptevo Therapeutics (NASDAQ:APVO) trades 5.8% higher premarket after the company earned $10M non-dilutive milestone payment related to 2021 sales of RUXIENCE; this is under its royalty purchase agreement with HealthCare Royalty Management. The milestone will be used to pay down MidCap Financial debt, reducing outstanding principal on the debt to $5M and strengthening the company's balance sheet. This, in combination with $46.3M of cash-on-hand as of Dec. 31, 2021, gives the company cash runway through 1Q23, positioning Aptevo well to complete dosing in its ongoing APVO436 Phase 1b clinical trial and, in partnership with Alligator BioScience, to initiate a clinical trial for ALG.APV-527. Based on RUXIENCE Q4 and FY21 results, the company is positive about the possibility of earning additional non-dilutive milestones totaling $22.5M over the next two years. The company also announced that its Phase 1b trial evaluating lead drug candidate APVO436 for the treatment of acute myeloid leukemia continues to enroll

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Aptevo Therapeutics receives $10M in non-dilutive milestone payment on RUXIENCE sales