Aptevo Therapeutics Inc (NASDAQ:APVO) earned a $10 million non-dilutive milestone payment related to 2021 sales of Ruxience, under the terms of its royalty purchase agreement with HealthCare Royalty Management LLC.
- Additionally, the Company is optimistic about the possibility of earning additional milestones totaling $22.5 million over the next two years.
- The Company also announced that its Phase 1b trial evaluating lead drug candidate APVO436 for acute myeloid leukemia (AML) continues to enroll new trial sites. The first complete remission patient is proceeding to transplant.
- Aptevo will use the money to pay down MidCap Financial debt, reducing outstanding principal to $5 million.
- This, combined with $46.3 million of cash-on-hand as of December 31, 2021, will be sufficient to provide cash runway through 1Q FY23.
- Ruxience, a Pfizer Inc (NYSE: PFE) drug, is biosimilar to Rituxan. Pfizer reported FY21 revenue of $491 million from Ruxience, including $148 million in 4Q21, exceeding the $395 million threshold.
- Price Action: APVO shares are trading 6.78% higher at $6.56 during the market session on the last check Wednesday.
