Provides Additional Non-Dilutive Funding for Aptevo to Support the Achievement of Near-Term Clinical Milestones
SEATTLE, Aug. 07, 2019 (GLOBE NEWSWIRE) -- Aptevo Therapeutics Inc. (APVO), a biotechnology company focused on developing novel oncology and hematology therapeutics, announced today the receipt of a $4.3 million milestone payment from Saol International Limited (Saol). This performance-based milestone has been collected more than one year earlier than anticipated in the original contract between Aptevo and Saol. The milestone payment is part of a purchase agreement between Aptevo and Saol, originally executed in August 2017 and amended in August 2019, under which Saol acquired three hyperimmune products previously marketed by Aptevo: WinRho SDF, HepaGam B, and VARIZIG
“The $4.3 million milestone payment from Saol provides additional non-dilutive capital for our business as we aim to achieve important near-term milestones in both our clinical and commercial programs in 2019 and 2020,” said Jeff Lamothe, Chief Financial Officer for Aptevo. “Momentum in our clinical development programs is increasing, with preliminary top-line safety data from our autoimmune-focused bispecific antibody candidate, APVO210, recently showing encouraging results, prompting the initiation of the next stage of the Phase I clinical trial – evaluating multiple ascending doses of APVO210. We anticipate this study will read-out in the first quarter of 2020. Similarly, our bispecific candidate, APVO436, has advanced into the fourth dosing cohort and we anticipate reporting preliminary top-line data from the ongoing Phase 1/1b program later this year.”
“In our commercial business, we recently launched a new, more desirable assay size for our Hemophilia B marketed product, IXINITY®, which provides important benefits for our patients and channel partners. Later this year, we also will be commencing a clinical trial of IXINITY in patients under the age of 12, for potential label expansion in the United States in a pediatric setting, which currently represents approximately 1/3 of the Hemophilia B U.S. treatment population. With revenues from IXINITY growing, and important data read-outs anticipated in our ongoing clinical trials of APVO436 and APVO210 over the next several quarters, we expect the balance of 2019 and early 2020 to be an exciting time for Aptevo and our stockholders,” said Mr. Lamothe.
About Aptevo Therapeutics Inc.
Aptevo Therapeutics Inc. is a clinical-stage biotechnology company focused on developing novel oncology, autoimmune and hematology therapeutics to meaningfully improve patients’ lives. Aptevo has a commercial product, IXINITY® coagulation factor IX (recombinant), approved and marketed in the United States for the treatment of Hemophilia B, and a versatile core technology – the ADAPTIR™ modular protein technology platform capable of generating highly-differentiated bispecific antibodies with unique mechanisms of action to treat cancer and autoimmune diseases. Aptevo has a broad pipeline of novel investigational-stage bispecific antibody candidates focused in immuno-oncology and autoimmune disease and inflammation. For more information, please visit www.aptevotherapeutics.com
Safe Harbor Statement
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements, other than statements of historical fact, including, without limitation, statements regarding potential milestone payments, Aptevo’s outlook, financial performance or financial condition, Aptevo’s technology and related pipeline, collaboration and partnership opportunities, commercial portfolio, milestones, and any other statements containing the words “believes,” “expects,” “anticipates,” “intends,” “plans,” “forecasts,” “estimates,” “will” and similar expressions are forward-looking statements. These forward-looking statements are based on Aptevo’s current intentions, beliefs and expectations regarding future events. Aptevo cannot guarantee that any forward-looking statement will be accurate. Investors should realize that if underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could differ materially from Aptevo’s expectations. Investors are, therefore, cautioned not to place undue reliance on any forward-looking statement. Any forward-looking statement speaks only as of the date of this press release, and, except as required by law, Aptevo does not undertake to update any forward-looking statement to reflect new information, events or circumstances.
There are a number of important factors that could cause Aptevo’s actual results to differ materially from those indicated by such forward-looking statements, including a deterioration in Aptevo’s business or prospects; adverse developments in research and development; adverse developments in the U.S. or global capital markets, credit markets or economies generally; and changes in regulatory, social and political conditions. Additional risks and factors that may affect results are set forth in Aptevo’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, as filed on March 18, 2019 and its subsequent reports on Form 10-Q and current reports on Form 8-K. The foregoing sets forth many, but not all, of the factors that could cause actual results to differ from Aptevo’s expectations in any forward-looking statement.
Stacey Jurchison - Senior Director, Investor Relations and Corporate Communications