Aptevo Therapeutics Inc. (NASDAQ:APVO)
Aptevo Therapeutics Inc. (NASDAQ:APVO) traded higher after announcing the expansion of its protein therapeutic platform ADAPTIR, into new mechanisms of action including T-Cell engagers targeting CD3. In a presentation, at the World Bispecific summit, the company highlighted new improvements that it says have led to new ADAPTIR candidates.
ADAPTIR Platform Expansion
According to Aptevo Therapeutics Inc. (NASDAQ:APVO)’s Principal Scientist, Dr. Peter Pavlik, expansion of the ADAPTIR platform highlights its flexibility and versatility in generating multiple Bispecific candidates. The attributes have allowed the company to come up with T-cell engager APVO436 which targets CD123 known to cause hematological malignancies.
“Our next generation candidates, like APVO436, are designed to be delivered by intravenous dosing. With two ADAPTIR candidates currently in clinical development and a broad portfolio of Bispecific advancing in preclinical development, Aptevo has a rich pipeline of assets in the emerging field of targeted antibody therapeutics,” said Dr. Pavlik.
APVO Stock Performance
Aptevo Therapeutics Inc. (NASDAQ:APVO) bounced back after plummeting to multi-year lows of $1.15 a share continues. Earlier in the year, the stock spiked to $3.85. However, the stock is still down for the year, after retreating to end Thursday’s trading session at $2.73 a share.
Renewed investors interest follows achievements on the development of the ADAPTIR platform, which is key to the development of the company’s pipeline of drugs. The clinical stage biopharmaceutical company is currently working on APVO414 for the treatment of metastatic castration-resistant prostate cancer, as well as Otlertuzumab for the treatment of chronic lymphocytic leukemia.
Credit Facility Agreement
Separately, Aptevo Therapeutics Inc. (NASDAQ:APVO) has amended the terms of its credit agreement with Midcap Financial Trust. The amendment allows the company to keep a $20 million funding tranche. The two companies have also agreed to eliminate the option of the second tranche of $15 million.
“We are pleased to continue our relationship with MidCap Financial. They are a knowledgeable partner who understands the life sciences sector and we appreciate their continued interest in and commitment to our business,” said Jeff Lamothe, Chief Financial Officer.
Amendment of the credit facility follows the sale of three hyperimmune products by Aptevo Therapeutics Inc. (NASDAQ:APVO) to Saol Therapeutics for $74.5 million. The three products acquired include WinRho SDF for the treatment of autoimmune platelet disorder, HepaGam B for the prevention of Hepatitis B following liver transplantation and VARIZIG for treatment following varicella Zoster virus exposure.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Monica has an undergraduate degree in Accounting and an MBA she earned – with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.