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.
For further details see:
Aptevo Therapeutics raises $9.6M in non-dilutive funding