Aptevo Therapeutics Inc. Announces Closing of Previously Announced $5 Million Public Offering

Rhea-AI Summary

Aptevo Therapeutics Inc. has closed its public offering, raising approximately $5 million in gross proceeds. The offering consisted of 2,221,550 shares of common stock, Pre-Funded Warrants for up to 5,842,967 shares of common stock, Series A Warrants for up to 8,064,517 shares of common stock, and Series B Warrants for up to 8,064,517 shares of common stock. The Pre-Funded Warrants have an exercise price of $0.001, while the Series A and Series B Warrants have an exercise price of $0.62 per share. The net proceeds will be used for the continued clinical development of product candidates and working capital purposes.

SEATTLE, WA / ACCESSWIRE / August 4, 2023 / Aptevo Therapeutics Inc. (NASDAQ:APVO) ("Aptevo" or the "Company"), a clinical stage biotechnology company focused on developing novel immuno-oncology therapeutics, today announced the closing of its previously announced public offering of 2,221,550 shares of common stock at a purchase price of $0.62 per share, Pre-Funded Warrants to purchase up to an aggregate of 5,842,967 shares of common stock at a purchase price of $0.619 per Pre-Funded Warrant, Series A Warrants to purchase up to an aggregate of 8,064,517 shares of common stock and Series B Warrants to purchase up to an aggregate of 8,064,517 shares of common stock. The Pre-Funded Warrants have an exercise price of $0.001, are immediately exercisable and may be exercised at any time until exercised in full. The Series A and Series B Warrants have an exercise price of $0.62 per share, are immediately exercisable and expire in August 2028 and February 2025, respectively.

Gross proceeds from the offering were approximately $5 million before deducting placement agent fees and other estimated offering expenses. The Company intends to use the net proceeds of this offering for the continued clinical development of its product candidates and for working capital purposes.

A.G.P./Alliance Global Partners acted as sole placement agent for the offering.

The securities described above were offered pursuant to a registration statement on Form S-1, as amended (File No. 333-273067) previously filed with the Securities and Exchange Commission (SEC) which became effective on August 1, 2023. The offering was made only by means of a prospectus forming part of the effective registration statement. A final prospectus relating to the offering has been filed with the SEC. Electronic copies of the final prospectus may be obtained on the SEC's website located at http://www.sec.gov and may also be obtained, when available, from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at prospectus@allianceg.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Aptevo Therapeutics Inc.
Aptevo Therapeutics Inc. is a clinical stage biotechnology company focused on developing novel immuno-oncology therapies for the treatment of cancer. Aptevo is seeking to improve treatment outcomes for cancer patients. For more information, please visit www.aptevotherapeutics.com.

Safe Harbor Statement
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including, without limitation, statements regarding the expected use of proceeds of the public offering and any other statements containing the words "may," "continue to," "believes," "expects," "potential," "designed," "engineered," "ongoing," "plans," "probability," "will" and similar expressions are intended to identify 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.

There are several important factors that could cause Aptevo's actual results to differ materially from those indicated by such forward-looking statements, including, among others, a deterioration in Aptevo's business or prospects, uncertainties related to market conditions, and changes in regulatory, social, macroeconomic, and political conditions. For instance, actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the uncertainties inherent in the initiation, enrollment and maintenance of patients, and the completion of clinical trials, expectations for the timing and steps required in the regulatory review process, including our ability to obtain regulatory clearance, expectations for regulatory approvals, the impact of competitive products, our ability to enter into agreements with strategic partners or raise funds on acceptable terms or at all and other matters that could affect the availability or commercial potential of Aptevo's product candidates, business or economic disruptions due to catastrophes or other events, including natural disasters or public health crises, geopolitical risks, including the current war between Russia and Ukraine, and macroeconomic conditions such as economic uncertainty, rising inflation and interest rates, conditions in the banking system and financial markets, including the failure of banks and financial institutions, increased market volatility and decreased consumer confidence. These risks are not exhaustive, Aptevo faces known and unknown risks. Additional risks and factors that may affect results are set forth in Aptevo's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2022, 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. Any forward-looking statement speaks only as of the date of this press release, and, except as required by law, Aptevo does not assume any obligation to update any forward-looking statement to reflect new information, events, or circumstances.

CONTACT:
Miriam Weber Miller
Aptevo Therapeutics
Email: IR@apvo.com or Millerm@apvo.com
Phone: 206-859-6628

SOURCE: Aptevo Therapeutics

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FAQ

What is the name of the company in the press release?

The company mentioned in the press release is Aptevo Therapeutics Inc.

What was the purchase price of the common stock in the offering?

The purchase price of the common stock was $0.62 per share.

What is the exercise price of the Pre-Funded Warrants?

The exercise price of the Pre-Funded Warrants is $0.001.

Who acted as the sole placement agent for the offering?

A.G.P./Alliance Global Partners acted as the sole placement agent for the offering.

What will the net proceeds be used for?

The net proceeds will be used for the continued clinical development of product candidates and working capital purposes.

Where can electronic copies of the final prospectus be obtained?

Electronic copies of the final prospectus may be obtained on the SEC's website or from A.G.P./Alliance Global Partners.

Does this press release constitute an offer to sell securities?

No, this press release does not constitute an offer to sell securities.