Aptevo Therapeutics Extends Cash Runway $20 Million; Retains Term Loan Agreement With MidCap Financial
September 28 2017 - 4:45PM
Aptevo Therapeutics Inc. (Nasdaq:APVO), a biotechnology company
focused on developing novel immuno-oncology and hematology
therapeutics, today announced that it has amended the terms of a
credit agreement initially executed with MidCap Financial Trust in
August 2016. The first tranche of this term loan, in the amount
of $20 million, was funded in August 2016. The amendment
allows Aptevo to retain this $20 million funding tranche, for which
repayment was anticipated coincident with the sale transaction of
Aptevo’s hyperimmune commercial assets. As part of the
amendment, the companies have agreed to eliminate the option for a
second tranche of $15 million.
“We are pleased to continue our relationship
with MidCap Financial,” said Jeff Lamothe, Chief Financial
Officer. “They are a knowledgeable partner who understands
the life sciences sector and we appreciate their continued interest
in and commitment to our business. Since our inception, we
have sought to ensure that Aptevo is solidly capitalized to invest
in the opportunities where we see the most potential for long-term
value creation for our stockholders – namely by advancing a
pipeline of innovative bispecific therapeutic antibodies derived
from our proprietary ADAPTIR® platform and continuing to expand
market share for our IXINITY® Hemophilia B commercial
product. With MidCap’s continued support, we have extended
our cash runway to further these goals.”
About Aptevo Therapeutics
Inc.
Aptevo Therapeutics Inc. is a clinical-stage
biotechnology company focused on novel oncology and hematology
therapeutics to meaningfully improve patients’ lives. Aptevo
has a commercial product, IXINITY®, 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 or autoimmune
diseases. Aptevo has two ADAPTIR antibody candidates
currently in clinical development and 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.
About MidCap Financial
MidCap Financial is a middle market-focused,
specialty finance firm that provides senior debt solutions to
businesses across all industries. The firm’s years of experience,
strong balance sheet, and flexibility make it a lender of choice
for companies across all stages of growth and complexity. MidCap
Financial’s debt solutions focus in five areas: (i) General and
Healthcare Asset-Based working capital loans collateralized by
third-party accounts receivable and other assets, (ii) Leveraged
loans to companies backed by private equity sponsors, (iii) Life
Sciences loans to VC-backed and public pharmaceutical, biotech, and
medical device companies, (iv) Real Estate loans on all types of
commercial properties, medical office buildings, various types of
senior housing and skilled nursing properties, and (v) Lender
Finance term loans or revolvers provided across the consumer and
commercial finance sectors. Additional information about MidCap
Financial can be found at www.midcapfinancial.com.
Safe Harbor StatementThis 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 the closing of the
anticipated sale of the hyperimmune products to Saol Therapeutics,
Aptevo’s use of proceeds from such transaction, Aptevo’s outlook,
financial performance or financial condition, Aptevo’s technology
and related pipeline, collaboration and partnership opportunities,
commercial portfolio, Aptevo’s future growth rates, Aptevo’s
ability to timely manufacture its products, 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
uncertainties as to the satisfaction of closing conditions with
respect to the transaction; closing of the transaction may not
occur or may be delayed, either as a result of litigation related
to the transaction or otherwise; possible negative effects on
Aptevo’s business operations, assets or financial results as a
result of the transaction; a deterioration in Aptevo’s business or
prospects; the parties may be unable to achieve the anticipated
benefits of the transaction; 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 31, 2017,
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.
For Further Information:
Aptevo Therapeutics Stacey JurchisonSenior Director, Investor
Relations and Corporate Communications206-859-6628
JurchisonS@apvo.com
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