Avalo Therapeutics rises on $15 mln drug candidate transfer

Avalo Therapeutics

01/08/2022 15:30

** Avalo Therapeutics' shares  AVTX.O  up 5.6% at $3.80
    ** To receive ~$15 million in upfront payment for transfer
of drug candidate AVTX-007 to Apollo Therapeutics  urn:newsml:reuters.com:*:nGNX2BgK6s
    ** To also get up to $74 million on achievement of
milestones, as well as royalty payment of a low single digit
percentage of annual net sales on commercialization of drug
    ** Deal extends cash runway and allows us to increase focus
on lead molecule, AVTX-002 - co
    ** 3 of 4 brokerages rate the stock "buy" or higher, 1
"hold"; their median PT is $40.50
    ** Despite session's gain, stock down ~81% YTD

 (Reporting by Leroy Leo in Bengaluru)
 ((Leroy.Dsouza@thomsonreuters.com ; Twitter: https://twitter.com/LeroyLeo7;))