Aptose Reports Immaterial Financial Exposure to Silicon Valley Bank
Aptose Biosciences Inc. (Nasdaq: APTO; TSX: APS) released an update concerning its financial situation in light of issues surrounding Silicon Valley Bank (SVB). The company clarifies that it has not entered into any credit lines with SVB and thus has no exposure to related credit facilities. Aptose holds about $0.3 million in deposits with SVB, which exceeds the $250,000 FDIC-insured limit but is not considered material. The company does not anticipate any adverse effects on operations, payroll, or clinical trials, stating that non-SVB institutions manage its investments, ensuring limited risk from SVB's liquidity concerns.
- No exposure to credit facilities from SVB.
- Only a minor deposit of $0.3 million exceeds FDIC limits, considered non-material.
- No expected impact on operations, payroll, or clinical trials.
- None.
SAN DIEGO and TORONTO, March 10, 2023 (GLOBE NEWSWIRE) -- Aptose Biosciences Inc. (“Aptose” or the “Company”) (Nasdaq: APTO; TSX: APS), a clinical-stage precision oncology company developing highly differentiated oral kinase inhibitors to treat hematologic malignancies, is aware of reports related to Silicon Valley Bank (“SVB”) and questions raised by interested parties.
Aptose has not entered into a line of credit with SVB, and therefore has no exposure related to any credit facility.
Aptose held a deposit account at SVB with approximately
Non-SVB institutions serve as custodians for investments held in Aptose's name, and we envision no direct exposure to those investments as a consequence of a liquidity concern at SVB.
About Aptose
Aptose Biosciences is a clinical-stage biotechnology company committed to developing precision medicines addressing unmet medical needs in oncology, with an initial focus on hematology. The Company's small molecule cancer therapeutics pipeline includes products designed to provide single agent efficacy and to enhance the efficacy of other anti-cancer therapies and regimens without overlapping toxicities. The Company has two clinical-stage oral kinase inhibitors under development for hematologic malignancies: tuspetinib (HM43239), an oral, myeloid kinome inhibitor being studied as monotherapy and in combination therapy in the APTIVATE international Phase 1/2 expansion trial in patients with relapsed or refractory acute myeloid leukemia (AML); and luxeptinib (CG-806), an oral, dual lymphoid and myeloid kinome inhibitor in a Phase 1 a/b trial in patients with relapsed or refractory B cell malignancies who have failed or are intolerant to standard therapies, and in a separate Phase 1 a/b trial in patients with relapsed or refractory AML or high risk myelodysplastic syndrome (MDS). For more information, please visit www.aptose.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Canadian and U.S. securities laws, including, but not limited to, statements regarding, the closure of SVB and related consequences to Aptose, and statements relating to the Company’s plans, objectives, expectations and intentions and other statements including words such as “envision”, “continue”, “expect”, “intend”, “will”, “hope” “should”, “would”, “may”, “potential” and other similar expressions. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties and are necessarily based upon a number of estimates and assumptions that, while considered reasonable by us, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause our actual results, performance or achievements to be materially different from any future results, performance or achievements described in this press release. Such factors could include, among others, the risks detailed from time-to-time in our ongoing current reports, quarterly filings, annual information forms, annual reports and annual filings with Canadian securities regulators and the United States Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should the assumptions set out in the section entitled "Risk Factors" in our filings with Canadian securities regulators and the United States Securities and Exchange Commission underlying those forward-looking statements prove incorrect, actual results may vary materially from those described herein. These forward-looking statements are made as of the date of this press release and we do not intend, and do not assume any obligation, to update these forward-looking statements, except as required by law. We cannot assure you that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.
For further information, please contact:
| Aptose Biosciences Inc. Susan Pietropaolo Investor Relations 201-923-2049 spietropaolo@aptose.com | LifeSci Advisors, LLC Dan Ferry, Managing Director 617-535-7746 Daniel@LifeSciAdvisors.com |
FAQ
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