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Aptevo Therapeutics Collects $3.3 Million In Escrow Funds From Saol Therapeutics
SEATTLE, Jan. 03, 2019 (GLOBE NEWSWIRE) -- Aptevo Therapeutics Inc. (Nasdaq: APVO), a biotechnology company focused on developing novel oncology and hematology therapeutics, announced today that it has collected $3.3 million in escrow funds from Saol Therapeutics related to a purchase agreement between the companies under which Saol Therapeutics acquired three hyperimmune products previously marketed by Aptevo, WinRho SDF, HepaGam B, and VARIZIG.
The transaction, completed in September 2017 and valued at up to $74.5 million, included an upfront payment to Aptevo of $65 million, of which approximately $3.3 million was held in an escrow account. The escrow funds have now been collected in full by Aptevo, with no claims being made against it by Saol. In addition, Aptevo is also eligible to receive a potential milestone payment of up to $7.5 million from Saol related to the achievement of a gross profit milestone threshold. In addition, Aptevo may receive up to $2 million related to collection of certain accounts receivable from Saol.
“We’re pleased to have collected the full amount of escrow funds from Saol, which together with our existing cash and cash flow from our marketed product, IXINITY, further strengthens our cash position as we make important progress in 2019 advancing two lead ADAPTIR bispecific antibody programs, APVO436 and APVO210, being evaluated for the treatment of acute myeloid leukemia and autoimmune disorders, respectively. Dosing in the APVO436 Phase 1 clinical study commenced recently and we anticipate beginning a Phase 1 clinical study of APVO210 in healthy volunteers this quarter,” said Jeff Lamothe, Chief Financial Officer.
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®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 or 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 13, 2018 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 statements.
Senior Director, Investor Relations and Corporate Communications
206-859-6628 / JurchisonS@apvo.com