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Avalo Therapeutics, Inc. reports developments for a clinical-stage biotechnology company focused on IL-1β-based treatments for immune-mediated inflammatory diseases. Its recurring updates center on abdakibart (AVTX-009), an anti-IL-1β monoclonal antibody evaluated in hidradenitis suppurativa, including LOTUS trial results, safety and efficacy disclosures, and program development plans.
Company news also covers financial results, investor presentations and conferences, equity compensation grants, public financing activity involving common stock and pre-funded warrants, and milestone obligations tied to the AlmataBio acquisition. These updates connect Avalo's clinical pipeline, capital needs, and governance actions to its public-company reporting cycle.
Avalo Therapeutics (Nasdaq: AVTX) announced that CEO Garry A. Neil will present at the H.C. Wainwright Global Investment Conference from September 12-14, 2022. The presentation will be pre-recorded and available on September 12 at 7:00 AM ET, accessible via the Investors section of the company's website. Avalo is a clinical-stage biotechnology firm focused on therapies targeting immune dysregulation by developing solutions that interact with the LIGHT-signaling network, which plays a role in autoimmune and inflammatory disorders.
Avalo Therapeutics, Inc. (Nasdaq: AVTX) announced the resignation of two board members, Steven Boyd and Keith Maher, effective August 8, 2022. Their resignations were not due to any disagreements with the company. Following this, Dr. Garry Neil has been appointed as Chairman of the Board. Boyd expressed satisfaction with Avalo's strategic progress under Neil's leadership, emphasizing ongoing support for the company. Avalo develops targeted therapeutics for immunology and rare genetic diseases, highlighting a commitment to addressing significant clinical needs.
Avalo Therapeutics (AVTX) reported significant clinical advancements in its Q2 2022 update, dosing the first patients in pivotal trials for AVTX-002 and AVTX-803. The company secured approximately $15 million from the transfer of its AVTX-007 program to Apollo Therapeutics, enhancing its financial position. As of June 30, 2022, Avalo held $11.2 million in cash, down from $54.6 million at the end of 2021 due to operating costs. Despite a reduction in total operating expenses, net loss for Q2 was $12.99 million, reflecting ongoing development expenses and the impact of a reverse stock split.
Avalo Therapeutics has announced that the first patient has been dosed in the pivotal LADDER trial for their drug AVTX-803, aimed at treating Leukocyte Adhesion Deficiency Type II (LAD II). This Phase 3 trial is randomized, double-blind, and designed to evaluate the drug's efficacy and safety over 16 weeks. AVTX-803 has received multiple designations, including Rare Pediatric Disease and Fast Track. Results are expected in 1H 2023, potentially leading to regulatory approval and a Priority Review Voucher.
Avalo Therapeutics has entered into a worldwide exclusive license agreement with Apollo Therapeutics for AVTX-007, its IL-18 monoclonal antibody. Avalo will receive an upfront payment of approximately $15 million, including $5 million upon agreement execution and $10 million for transfer activities. Apollo will also pay up to $74 million in milestone payments and a small royalty on sales. This agreement will enable Avalo to extend its cash runway and concentrate on its lead molecule, AVTX-002, while transferring clinical development responsibilities to Apollo.
Avalo Therapeutics (Nasdaq: AVTX) announced a one-for-twelve reverse stock split effective July 7, 2022. This move aims to increase the stock price to meet Nasdaq Capital Market listing requirements. Following the split, shares outstanding will decrease from approximately 112.9 million to around 9.4 million. The reverse split will not affect the ownership percentage of stockholders, except those with fractional shares, who will receive whole shares. The company's stock will begin trading on a split-adjusted basis on July 8, 2022.
Avalo Therapeutics (Nasdaq: AVTX) announced that CEO Garry A. Neil will present at the 2022 Jefferies Healthcare Conference on June 9, 2022, at 4:00 PM ET in New York. A live webcast will be available on the Company's website, and a replay will last for 90 days. Avalo Therapeutics focuses on precision medicine, aiming to develop targeted therapeutics for immunology and rare genetic diseases. Their clinical candidates are backed by proven mechanisms and established proof-of-concept to enhance success probability.
Avalo Therapeutics announced the dosing of the first patient in its Phase 2 PEAK trial, investigating AVTX-002 for non-eosinophilic asthma treatment. This randomized, double-blind, placebo-controlled study involves around 80 participants and focuses on the safety and efficacy of AVTX-002 over 12 weeks. The primary endpoint evaluates asthma-related events in patients. With nearly half of asthma patients affected by non-eosinophilic asthma, this trial could address a significant unmet medical need in asthma treatment.
Avalo Therapeutics (Nasdaq: AVTX) will have its CEO, Garry A. Neil, present virtually at the H.C. Wainwright Global Life Sciences Conference from May 23-26, 2022. The pre-recorded presentation will be available on May 24, 2022, at 7:00 AM ET. Investors can access the webcast on the company's website under the 'News/Events' section. Avalo is focused on developing targeted therapeutics for significant unmet clinical needs, particularly in immunology and rare genetic diseases, with a diverse portfolio aimed at delivering meaningful medical impact.
Avalo Therapeutics (AVTX) announced significant updates including the initiation of Phase 2 clinical trials for AVTX-002 in non-eosinophilic asthma and AVTX-803 for leukocyte adhesion deficiency type II. The company executed a workforce reduction of approximately one third to align with pipeline prioritization, aiming to reduce expenses over time. As of March 31, 2022, Avalo reported cash and cash equivalents of $38 million, a decrease driven primarily by operating expenses. The net loss for Q1 2022 was $22.1 million, reflecting continued investment in pipeline development.