Aptevo Therapeutics Secures $25 Million Non-Dilutive Financing from Midcap Financial Trust
Extends Cash Runway into Q3 2021
The Current Cash Balance is Anticipated to Create a Sufficient Timeline to Complete the APVO 436 Phase I(a) Dosing Cohorts Which Pre-Clinical Modelling Predicts May Deliver an Efficacious Dose
The MidCap loan has a 48 month term, is interest-only for the first 18 months, with straight-line amortization for the remaining 30 months and bears interest at a rate of one month LIBOR plus 6.25% per annum, subject to a 1.50% LIBOR floor. The loan includes additional repayment provisions should either or both of the royalties or milestones related to IXINITY or royalties related to RUXIENCE be sold during the term of the loan. See the 8-K, which will be filed within the next four business days, for additional details related to the loan agreement.
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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 royalty and milestone payments, Aptevo's ability to successfully sell rights to such payments on terms acceptable to Aptevo, Aptevo's outlook, financial performance or financial condition, estimated cash burn, Aptevo's technology and related pipeline, collaboration and partnership opportunities, 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
Vice President, Finance
+1 206-859-6629
taylord2@apvo.com
SOURCE:
accesswire.com
https://www.accesswire.com/600082/Aptevo-Therapeutics-Secures-25-Million-Non-Dilutive-Financing-from-Midcap-Financial-Trust