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Avalo Therapeutics | 8-K: Current report

SEC announcement ·  Mar 29 16:08
Summary by Moomoo AI
Avalo Therapeutics, Inc., a clinical-stage biotechnology company, announced on March 29, 2024, its financial results for the year ended December 31, 2023, alongside significant corporate updates. The company reported the acquisition of AVTX-009, a Phase-2 ready anti-IL-1β monoclonal antibody (mAb), from AlmataBio, Inc. in March 2024. The acquisition deal included stock valued at $15 million and a $7.5 million payment due upon closing of a private placement investment. Avalo also outlined development milestones payable to former AlmataBio stockholders, contingent upon the progression of AVTX-009 through clinical trials. Additionally, Avalo closed a private placement financing led by several investment firms, securing gross proceeds of up to $185 million, with an initial upfront investment of $115.6 million. This financing is expected to extend the company's cash runway into...Show More
Avalo Therapeutics, Inc., a clinical-stage biotechnology company, announced on March 29, 2024, its financial results for the year ended December 31, 2023, alongside significant corporate updates. The company reported the acquisition of AVTX-009, a Phase-2 ready anti-IL-1β monoclonal antibody (mAb), from AlmataBio, Inc. in March 2024. The acquisition deal included stock valued at $15 million and a $7.5 million payment due upon closing of a private placement investment. Avalo also outlined development milestones payable to former AlmataBio stockholders, contingent upon the progression of AVTX-009 through clinical trials. Additionally, Avalo closed a private placement financing led by several investment firms, securing gross proceeds of up to $185 million, with an initial upfront investment of $115.6 million. This financing is expected to extend the company's cash runway into 2027 and fund operations through the planned Phase 2 data readout in hidradenitis suppurativa, a skin condition targeted by AVTX-009. The company's financial update revealed a net loss decrease primarily due to reduced operating expenses, with a significant reduction in research and development expenses. Avalo ended the year with $7.4 million in cash and cash equivalents and had fully retired its original $35 million debt. Looking ahead, Avalo anticipates an increase in research and development expenses as it initiates and progresses the Phase 2 trial for AVTX-009, with topline results expected in 2026.

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