Avalo Therapeutics Inc - AVTX STOCK NEWS

Avalo Therapeutics (AVTX) has appointed Michael Heffernan as Chairman of the Board of Directors, succeeding Dr. Garry Neil, who will continue as Board member and CEO. The separation of Chairman and CEO roles comes as the company advances its pipeline of targeted therapies for immune-mediated diseases.

The company's lead candidate, AVTX-009, is currently in Phase 2 LOTUS trial for hidradenitis suppurativa (HS), with data readout expected next year. Heffernan brings extensive experience in building biopharmaceutical companies and executing successful exits, positioning him to help guide Avalo's growth strategy and potential indication expansion.

Avalo Therapeutics (NASDAQ: AVTX) reported its 2024 financial results and business updates. The company ended 2024 with $134.5 million in cash, supported by a $185 million private placement, providing runway into at least 2027.

Key financial metrics include:

• Net loss of $35.1 million in 2024, up from $31.5 million in 2023
• R&D expenses increased to $24.4 million
• G&A expenses rose to $17.2 million
• Basic net loss per share was $7.94

The company's Phase 2 LOTUS trial for AVTX-009 in hidradenitis suppurativa (HS) is ongoing, with topline data expected in 2026. The trial will evaluate approximately 180 adults with HS. Jennifer Riley joined as Chief Strategy Officer effective January 2025 to guide strategy and pipeline planning.

Avalo Therapeutics (Nasdaq: AVTX), a clinical stage biotechnology company specializing in immune dysregulation treatments, has announced its participation in two major investor conferences in March 2025.

The company will deliver a corporate presentation at the TD Cowen 45th Annual Health Care Conference in Boston on March 3, 2025, at 3:10 pm ET. Additionally, Avalo will participate in 1x1 and small group meetings at the Leerink Partners Global Healthcare Conference in Miami on March 12, 2025.

Interested parties can access live webcasts and replays of the presentations through the 'News / Events' section of Avalo's investor relations website at ir.avalotx.com. The archived webcasts will remain available for a minimum of 30 days after the events.

Avalo Therapeutics (AVTX), a clinical stage biotechnology company specializing in immune dysregulation treatments, has announced its upcoming participation in the Oppenheimer 35th Annual Healthcare Life Sciences Conference. Dr. Garry A. Neil, CEO and Board Chairman, will deliver a presentation at this virtual event on Tuesday, February 11, 2025, at 10:00 a.m ET.

Interested parties can access both the live webcast and replay through the 'News / Events' section of Avalo's investor relations website at ir.avalotx.com. The presentation recording will remain available for a minimum of 30 days following the event.

Avalo Therapeutics (AVTX) has appointed Jennifer Riley as Chief Strategy Officer, effective January 1, 2025. In this newly created role, Riley will oversee corporate strategy, commercial and product pipeline planning. She brings over 20 years of biotechnology and pharmaceutical industry experience, most recently as founder of Northbrook Consulting and previously as Vice President at Biogen.

The appointment aims to advance AVTX-009, an anti-IL-1β monoclonal antibody currently in Phase 2 trials for hidradenitis suppurativa (HS), in a market forecast to exceed $10 billion. As part of her employment agreement, Riley received inducement grants including options to purchase 150,000 shares of common stock, vesting over four years with a twelve-month cliff.

Avalo Therapeutics has received $69.4 million in gross proceeds from the full exercise of warrants issued in a March 2024 private placement. The warrants were exercised at $5.796933 per underlying share, resulting in the issuance of 781,259 common stock shares and 11,186.267 series C non-voting convertible preferred stock shares. This exercise brings the total gross proceeds from the transaction to $185 million, extending the company's cash runway into at least 2027. The private placement was led by Commodore Capital and TCGX, with participation from several other investors. As of November 8, 2024, Avalo has 10,463,633 common stock shares and 24,895.92 series C preferred stock shares outstanding.

Avalo Therapeutics (Nasdaq: AVTX) has announced its participation in two major investor conferences. The company's CEO and Board Chairman, Garry A. Neil, M.D., will present at the Stifel 2024 Healthcare Conference in New York on November 18, 2024, at 3:35 PM ET, and the Piper Sandler 36th Annual Healthcare Conference in New York on December 5, 2024, at 11:00 AM ET.

Live webcasts and replays will be accessible through the Investors section of Avalo's website under 'News / Events,' with recordings available for at least 30 days after the presentations.

Avalo Therapeutics (AVTX) reported significant Q3 2024 developments, including dosing the first patient in Phase 2 LOTUS trial of AVTX-009 for hidradenitis suppurativa treatment. The company's cash position reached $82 million as of September 30, 2024, with an additional $58 million from warrant exercises in Q4. Research and development expenses increased to $9.5 million, up from $1.2 million in Q3 2023. The company reported net income of $23 million for Q3 2024, compared to a $5.2 million loss in Q3 2023. Current cash runway is expected to extend into at least 2027.

Avalo Therapeutics (Nasdaq: AVTX) has announced the dosing of the first patient in its Phase 2 LOTUS trial for AVTX-009, a treatment for hidradenitis suppurativa (HS). The global study will involve approximately 180 adults with moderate to severe HS, evaluating two dose regimens of AVTX-009 against a placebo. AVTX-009 is a humanized monoclonal antibody that targets interleukin-1β.

The randomized, double-blind trial will assess efficacy and safety over a 16-week treatment phase. The primary endpoint is the proportion of subjects achieving Hidradenitis Suppurativa Clinical Response (HiSCR75) at Week 16. Secondary objectives include HiSCR50 and HiSCR90 achievement, changes in severity scores, and reduction in skin pain. Topline data is expected in 2026.