Avalo Therapeutics Announces Board Changes
August 11 2022 - 4:01PM
Avalo Therapeutics, Inc. (Nasdaq: AVTX) announced today that on
August 8, 2022, Steven Boyd and Keith Maher, MD, both of Armistice
Capital, LLC, the investment manager to Armistice Capital Master
Fund Ltd. (the “Master Fund”), notified the Board of Directors (the
“Board”) of Avalo Therapeutics, Inc. (the “Company”) that they have
resigned from their positions on the Board. Mr. Boyd and Dr.
Maher’s resignations from the Board, effective August 8, 2022, did
not arise from any disagreement with the Company, any member of the
Board, or Company management regarding any matter related to the
Company’s operations, policies, practices, or otherwise.
The Board appointed the Company’s President and
Chief Executive Officer and Board member, Dr. Garry Neil, M.D., to
replace Mr. Boyd as Chairman of the Board. Current Board member,
Dr. Magnus Persson, will continue in the role of Lead Independent
Director.
Steven Boyd, Chief Investment Officer of
Armistice Capital, LLC, said, “We have been very pleased with
Avalo’s strategic progress under CEO Garry Neil and the rest of the
Company’s new leadership. We continue to be supportive of the
Company and look forward to its success in the
future.”
Garry Neil said, “I want to thank Steve for
his outstanding leadership as Board Chair and investor. He has
exceptional knowledge and experience and is a world-class investor.
Steve’s role and vision have been pivotal in building this company
over the past 5 years. I am very honored by his confidence in me as
CEO and now Board Chair. I also want to thank Keith Maher for his
service as a Board Member. He has also provided invaluable input
and expertise based on his years of experience. I know I speak for
the entire Board when I say that both Steve and Keith will be
missed at the Board, but we are very grateful and pleased for their
continued confidence and investment in the company.”
About Avalo Therapeutics Avalo
Therapeutics is a leading clinical-stage precision medicine company
that discovers, develops, and commercializes targeted therapeutics
for patients with significant unmet clinical need in immunology and
rare genetic diseases. The Company has built a diverse portfolio of
innovative therapies to deliver meaningful medical impact for
patients in urgent need. The Company’s clinical candidates commonly
have a proven mechanistic rationale, biomarkers and/or an
established proof-of-concept to expedite and increase the
probability of success.
For more information about Avalo, please visit
www.avalotx.com.
Forward-Looking StatementsThis
press release may include forward-looking statements made pursuant
to the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are statements that are not historical
facts. Such forward-looking statements are subject to significant
risks and uncertainties that are subject to change based on various
factors (many of which are beyond Avalo’s control), which could
cause actual results to differ from the forward-looking statements.
Such statements may include, without limitation, statements with
respect to Avalo’s plans, objectives, projections, expectations and
intentions and other statements identified by words such as
“projects,” “may,” “might,” “will,” “could,” “would,” “should,”
“continue,” “seeks,” “aims,” “predicts,” “believes,” “expects,”
“anticipates,” “estimates,” “intends,” “plans,” “potential,” or
similar expressions (including their use in the negative), or by
discussions of future matters such as: the development of product
candidates or products; timing and success of trial results and
regulatory review; potential attributes and benefits of product
candidates; the future financial and operational outlook; and other
statements that are not historical. These statements are based upon
the current beliefs and expectations of Avalo’s management but are
subject to significant risks and uncertainties, including: reliance
on key personnel, including on the Board of Directors; Avalo's cash
position and the potential need for it to raise additional capital;
drug development costs, timing and other risks, including reliance
on investigators and enrollment of patients in clinical trials,
which might be slowed by the COVID-19 pandemic; reliance on key
personnel, including as a result of recent management changes;
regulatory risks; general economic and market risks and
uncertainties, including those caused by the COVID-19 pandemic and
tensions in Ukraine; and those other risks detailed in Avalo’s
filings with the SEC. Actual results may differ from those set
forth in the forward-looking statements. Except as required by
applicable law, Avalo expressly disclaims any obligations or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in Avalo’s expectations with respect thereto or any change in
events, conditions or circumstances on which any statement is
based.
For media and investor
inquiries
Christopher Sullivan, CFO Avalo Therapeutics,
Inc. ir@avalotx.com410-803-6793
or
Chris BrinzeyICR
WestwickeChris.brinzey@westwicke.com339-970-2843
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