Avalo Therapeutics Transfers Anti-IL-18 Antibody, AVTX-007 (camoteskimab) to Apollo Therapeutics
August 01 2022 - 7:00AM
Avalo Therapeutics, Inc. (Nasdaq: AVTX) and Apollo Therapeutics
Group Limited have entered into a worldwide, exclusive license
agreement granting rights to Apollo to research, develop,
manufacture and commercialize AVTX-007 (camoteskimab), Avalo’s
anti-IL-18 monoclonal antibody product. Under the terms of the
agreement, Apollo will assume responsibility for the future
development of AVTX-007, including the ongoing clinical trial.
Apollo will lead future clinical development in its selected
therapeutic indications.
“This transaction is critically important to Avalo. It
extends our cash runway and allows us to increase our focus on our
lead molecule, AVTX-002, and our ongoing phase 2 PEAK trial
evaluating AVTX-002 for the treatment of non-eosinophilic asthma,”
said Garry A. Neil, MD, President and Chief Executive Officer of
Avalo Therapeutics. “Furthermore, we are excited to transition
camoteskimab to a capable and well-funded partner in Apollo
Therapeutics whom we expect will progress the development of this
promising asset to the potential benefit of patients and our
collective financial interests.”
“We are pleased to have entered into this agreement with Avalo
and look forward to building upon the work done to date with
camoteskimab,” said Richard Mason, MD, chief executive of Apollo.
“With our university partners we have built translational
leadership in three core areas of biological focus – immunology,
cell signaling, and cell stress responses and metabolism – and the
addition of this Phase 2 ready antibody for an important
inflammasome target substantially accelerates the growth of our
pipeline in this area of immunology, where we are advancing
additional preclinical programs. We seek further opportunities to
acquire clinical assets in our areas of biological and therapeutic
focus.”
Pursuant to the license agreement, Avalo will receive within 5
days of execution of the agreement $5 million of upfront fee and an
additional approximately $10 million as consideration for transfer
activities. Apollo will also pay Avalo up to $74 million of
milestones, as well as a royalty payment of a low single digit
percentage of annual net sales.
The AVTX-007 program was originally licensed to Avalo by
MedImmune Limited, a subsidiary of AstraZeneca plc, and such
license was transferred to Apollo as part of the transaction.
About AVTX-007 (camoteskimab) Camoteskimab is a
high affinity, fully human monoclonal antibody targeting the
proinflammatory cytokine IL-18.
About Avalo TherapeuticsAvalo 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.
About Apollo Therapeutics Group Limited
Apollo Therapeutics is a biopharmaceutical company, rapidly
advancing a robust pipeline of potentially transformative
therapeutic programs based on breakthrough discoveries. We identify
and develop pre-clinical and clinical stage assets with strong
biological hypotheses and the potential to become meaningful new
treatment options. Our team combines ‘drug hunters’ and deep
subject matter experts who together are building an expansive and
de-risked portfolio in oncology, major inflammatory disorders, and
rare diseases. Backed by leading specialist investors including
Patient Square Capital and Rock Springs Capital, we have operations
in Cambridge, UK, and Boston, USA. Apollo Therapeutics has core
innovation sourcing and drug discovery collaborations with four of
the world’s leading universities; University of Cambridge,
University College London, Imperial College London, and Kings
College London.
For more information, please
visit apollotherapeutics.com.
Forward-Looking Statements
This 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: Avalo's
cash position and the potential need for it to raise additional
capital; risks relating to the effect of the reverse stock split on
the Company’s stock price; 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
For Avalo Therapeutics, Inc.Christopher
Sullivan, CFOAvalo Therapeutics,
Inc.ir@avalotx.com410-803-6793orChris BrinzeyICR
WestwickeChris.brinzey@westwicke.com339-970-2843
For Apollo Therapeutics
US Media Contact Kate BurdickCanale
CommunicationsKate.Burdick@canalecomm.com 860 462 1569
UK/Europe Media ContactMelanie Toyne-Sewell /
Rozi Morris / Agnes StephensInstinctif
Partnersapollotx@instinctif.com+44 207 457
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