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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Aptevo Therapeutics Inc | NASDAQ:APVO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.08 | 8.33% | 1.04 | 1.04 | 1.05 | 1.38 | 1.04 | 1.14 | 25,970,701 | 00:24:19 |
Completes Sale of Hyperimmune Commercial Business for up to $74.5 Million
“I am proud of the reputation we are building as a company that is execution-oriented with a compelling, differentiated technology platform – our ADAPTIR bispecific antibody platform,” said Marvin L. White, President and Chief Executive Officer. “2017 was a year of solid execution for Aptevo as we delivered on several important objectives. First, we made excellent progress advancing our ADAPTIR portfolio. During the year we continued to progress our metastatic castration-resistant prostate cancer candidate, APVO414, in a Phase 1 dose escalation study and announced preliminary data showing an impressive reduction in anti-drug antibody titers under a new dosing regimen. Plans to commence a new Phase 2 study of our second clinical candidate, otlertuzumab, in peripheral T-cell lymphoma, were finalized and we began this clinical trial in January 2018. We also made solid progress advancing APVO436 and APVO210, for which we announced plans to file Investigational New Drug (IND) applications in 2018. Finally, we executed an important strategic partnership with Alligator Bioscience, which demonstrated the versatility of our ADAPTIR platform. In collaboration with Alligator we developed a new immunotherapeutic antibody, ALG.APV-527 featuring a novel mechanism of action targeting 4-1BB and the tumor antigen, 5T4, which is found on various types of cancer cells, suggesting potential broad utility for this molecule.”
“In addition to a strategic partnership with Alligator Bioscience, which we announced in July, one of our most significant corporate achievements in 2017 was the divestiture of our hyperimmune commercial business, which provides up to $74.5 million in consideration to Aptevo, further strengthening our financial position and providing significant additional non-dilutive funding with which to continue to advance our corporate and pipeline objectives. With a solid financial foundation, Aptevo is well positioned to achieve important milestones over the next 12 months, which include: continuing to expand new patient acquisition efforts for our Hemophilia B commercial product, IXINITY; filing INDs for APVO436 for acute myeloid leukemia and APVO210 for autoimmune disease; progressing multiple novel ADAPTIR candidates in clinical and preclinical development and pursuing a robust dialogue with potential corporate partners around our ADAPTIR platform. With the exception of our ALG.APV-527 program, (partnered with Alligator Bioscience), all of the assets in our portfolio are wholly owned by Aptevo, providing significant opportunities for value creation. I look forward to keeping our stockholders and prospective stockholders apprised of our continued progress,” said Mr. White.
2017 Operational Highlights
Commercial Portfolio
Pipeline
Corporate
2017 Summary Financial Results
Cash Position: Aptevo had cash, cash equivalents, and short-term investments as of December 31, 2017 totaling $91.2 million, including $10.4 million in restricted cash related to Aptevo’s credit facility.
Product Revenue: Revenue for IXINITY for the year ended December 31, 2017 increased approximately 12% to $10.9 million from $9.8 million for the year ended December 31, 2016. This increase was primarily the result of the continuing expansion of Aptevo’s IXINITY Hemophilia B patient base following a temporary six-month interruption in IXINITY supply, which was resolved in May 2017. All patients that were taking IXINITY prior to the supply interruption announcement have continued on IXINITY therapy and Aptevo recommenced new patient acquisition efforts in the second quarter of 2017.
Cost of Product Sales: Cost of product sales decreased by $7.5 million, or 60%, to $5.0 million for the year ended December 31, 2017 from $12.5 million for the year ended December 31, 2016. This decrease was primarily due to a write off of approximately $7.1 million in 2016 related to the unsuccessful manufacturing of IXINITY. These costs were written off and included in the cost of product sales.
Research and Development Expenses: Research and development expenses were essentially unchanged year-over year and were $29.0 million for the year ended December 31, 2017 compared to $29.1 million for the year ended December 31, 2016.
Selling, General and Administrative Expenses: Selling, general and administrative expenses decreased by $1.6 million, or 4%, to $34.6 million for the year ended December 31, 2017, compared to $36.2 million for the year ended December 31, 2016. The decrease was primarily due to lower marketing costs for IXINITY and reduced personnel costs following the sale of Aptevo’s hyperimmune commercial products.
Net Income from Discontinued Operations: In connection with the sale of its hyperimmune business, Aptevo reclassified the operating results of the hyperimmune business for all periods presented and the gain recognized on the sale of the hyperimmune business of $52.7 million in income from discontinued operations. The income from discontinued operations also includes an allocation of income tax expense for all periods, which is required by Generally Accepted Accounting Principles (GAAP). Additionally, in the consolidated and condensed balance sheets as of December 31, 2016, the assets and liabilities of the hyperimmune business have been presented separately as held for sale.
Net Income (Loss): Aptevo’s net income for the year ended December 31, 2017 was $7.0 million or $0.33 per share, compared to a net loss of ($112.4) million or ($5.55) per share for the corresponding period in 2016. Net income includes the Company’s losses from operations, offset by an allocation of income tax benefit as required by GAAP and net income from discontinued operations.
Aptevo 2018 Milestones:
Aptevo Therapeutics Inc.CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands, except share and per share amounts)
ASSETS | 2017 | 2016 | ||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 7,095 | $ | 9,676 | ||||
Short-term investments | 73,688 | 44,849 | ||||||
Accounts receivable | 2,141 | 307 | ||||||
Inventories | 1,028 | 461 | ||||||
Current assets held for sale | — | 10,155 | ||||||
Restricted cash, current portion | 400 | 400 | ||||||
Prepaid expenses | 4,022 | 3,540 | ||||||
Other current assets | 6,710 | 2,026 | ||||||
Total current assets | 95,084 | 71,414 | ||||||
Restricted cash, net of current portion | 10,000 | — | ||||||
Property and equipment, net | 5,843 | 5,910 | ||||||
Intangible assets, net | 6,080 | 6,910 | ||||||
Long-term assets held for sale | — | 7,624 | ||||||
Total assets | $ | 117,007 | $ | 91,858 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable and other accrued liabilities | $ | 7,350 | $ | 10,518 | ||||
Accrued compensation | 4,626 | 4,009 | ||||||
Deferred revenue, current portion | — | 811 | ||||||
Current portion of long-term debt | 3,333 | — | ||||||
Other short-term liabilities | 3,201 | 278 | ||||||
Current liabilities held for sale | — | 3,928 | ||||||
Total current liabilities | 18,510 | 19,544 | ||||||
Deferred revenue, net of current portion | — | 2,896 | ||||||
Long-term debt, net | 15,728 | 18,383 | ||||||
Other liabilities | 734 | 469 | ||||||
Total liabilities | 34,972 | 41,292 | ||||||
Stockholders' equity: | ||||||||
Preferred stock: $0.001 par value; 15,000,000 shares authorized, zero shares issued or outstanding | — | — | ||||||
Common stock: $0.001 par value; 500,000,000 shares authorized; 21,605,716 and 20,271,737 shares issued and outstanding at December 31, 2017 and December 31, 2016, respectively | 22 | 20 | ||||||
Additional paid-in capital | 155,837 | 151,271 | ||||||
Accumulated other comprehensive loss | (105 | ) | (33 | ) | ||||
Contribution receivable from former parent | — | (20,000 | ) | |||||
Accumulated deficit | (73,719 | ) | (80,692 | ) | ||||
Total stockholders' equity | 82,035 | 50,566 | ||||||
Total liabilities and stockholders' equity | $ | 117,007 | $ | 91,858 | ||||
Aptevo Therapeutics Inc.CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share amounts)
For the Year Ended December 31, | ||||||||
2017 | 2016 | |||||||
Revenues: | ||||||||
Product sales | $ | 10,949 | $ | 9,805 | ||||
Collaborations | 3,709 | 180 | ||||||
Total revenues | 14,658 | 9,985 | ||||||
Costs and expenses: | ||||||||
Cost of product sales | 5,010 | 12,467 | ||||||
Research and development | 29,021 | 29,120 | ||||||
Selling, general and administrative | 34,576 | 36,158 | ||||||
Impairment of goodwill and intangible assets | — | 71,013 | ||||||
Loss from operations | (53,949 | ) | (138,773 | ) | ||||
Other expense: | ||||||||
Other expense | (1,944 | ) | (810 | ) | ||||
Total other expense | (1,944 | ) | (810 | ) | ||||
Loss before income taxes | (55,893 | ) | (139,583 | ) | ||||
Benefit from income taxes | 23,301 | 19,692 | ||||||
Net loss from continuing operations | (32,592 | ) | (119,891 | ) | ||||
Discontinued operations (Note 2): | ||||||||
Income from discontinued operations, before income taxes | 62,864 | 11,828 | ||||||
Income tax expense | (23,299 | ) | (4,352 | ) | ||||
Income from discontinued operations | 39,565 | 7,476 | ||||||
Net income (loss) | $ | 6,973 | $ | (112,415 | ) | |||
Basic and diluted net income (loss) per share: | ||||||||
Net loss from continuing operations | $ | (1.53 | ) | $ | (5.92 | ) | ||
Net income from discontinued operations | $ | 1.86 | $ | 0.37 | ||||
Net income (loss) | $ | 0.33 | $ | (5.55 | ) | |||
Weighted-average shares used to compute per share calculation | 21,335,157 | 20,239,160 | ||||||
Aptevo Product Portfolio
Marketed Product:
ADAPTIR Clinical and Preclinical Pipeline:
About Aptevo Therapeutics Inc.Aptevo Therapeutics Inc. is a clinical-stage biotechnology company focused on novel oncology and hematology therapeutics to meaningfully improve patients’ lives. Aptevo has a commercial product, IXINITY® coagulation factor IX (recombinant), approved and marketed in the United States for the treatment of Hemophilia B, and a versatile core technology – the ADAPTIR™ modular protein technology platform capable of generating highly-differentiated bispecific antibodies with unique mechanisms of action to treat cancer or autoimmune diseases. Aptevo has two ADAPTIR antibody candidates currently in clinical development and a broad pipeline of novel investigational-stage bispecific antibody candidates focused in immuno-oncology and autoimmune disease and inflammation. For more information, please visit www.aptevotherapeutics.com
Safe Harbor StatementThis press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements, other than statements of historical fact, including, without limitation, statements regarding potential milestone payments, Aptevo’s outlook, financial performance or financial condition, Aptevo’s technology and related pipeline, collaboration and partnership opportunities, commercial portfolio, milestones, and any other statements containing the words “believes,” “expects,” “anticipates,” “intends,” “plans,” “forecasts,” “estimates,” “will” and similar expressions are forward-looking statements. These forward-looking statements are based on Aptevo’s current intentions, beliefs and expectations regarding future events. Aptevo cannot guarantee that any forward-looking statement will be accurate. Investors should realize that if underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could differ materially from Aptevo’s expectations. Investors are, therefore, cautioned not to place undue reliance on any forward-looking statement. Any forward-looking statement speaks only as of the date of this press release, and, except as required by law, Aptevo does not undertake to update any forward-looking statement to reflect new information, events or circumstances.
There are a number of important factors that could cause Aptevo’s actual results to differ materially from those indicated by such forward-looking statements, including a deterioration in Aptevo’s business or prospects; adverse developments in research and development; adverse developments in the U.S. or global capital markets, credit markets or economies generally; and changes in regulatory, social and political conditions. Additional risks and factors that may affect results are set forth in Aptevo’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, as filed on March 13, 2018 and its subsequent reports on Form 10-Q and current reports on Form 8-K. The foregoing sets forth many, but not all, of the factors that could cause actual results to differ from Aptevo’s expectations in any forward-looking statement.
Source: Aptevo Therapeutics Stacey JurchisonSenior Director, Investor Relations and Corporate Communications206-859-6628 JurchisonS@apvo.com
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