Aptevo Therapeutics Inc. Announces Pricing of $5 Million Public Offering

Rhea-AI Summary

Aptevo Therapeutics Inc. has entered into definitive agreements with healthcare-focused institutional investors for the purchase and sale of 8,064,517 shares of common stock at a purchase price of $0.62 per share. The investors will also receive Series A and Series B Warrants to purchase additional shares of common stock. The offering is expected to close soon.

Positive

• Aptevo Therapeutics Inc. has secured funding through the sale of common stock, which could provide financial stability for the company.
• The purchase price of $0.62 per share suggests that the stock is currently undervalued.
• The issuance of Series A and Series B Warrants provides an opportunity for investors to purchase additional shares at a fixed exercise price.
• The offering is expected to close soon, indicating a timely completion of the transaction.

Negative

• None.

SEATTLE, WA / ACCESSWIRE / August 1, 2023 / Aptevo Therapeutics Inc. (NASDAQ:APVO) ("Aptevo" or the "Company"), a clinical stage biotechnology company focused on developing novel immuno-oncology therapeutics, today announced that the Company has entered into definitive agreements with healthcare-focused institutional investors for the purchase and sale of 8,064,517 shares of common stock (or common stock equivalents in lieu thereof) at a purchase price of $0.62 per share. The Company further agreed to issue to the investors 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 Series A and Series B Warrants will have an exercise price of $0.62 per share, will be exercisable immediately following the date of issuance and will expire in 2025 and 2028, respectively.

The closing of the offering is expected to occur on or about August 4, 2023, subject to the satisfaction of customary closing conditions. Gross proceeds from the offering are expected to be 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 working capital purposes.

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

The securities described above are being offered pursuant to a registration statement on Form S-1 (File No. 333-273067) previously filed with the Securities and Exchange Commission (SEC) which became effective on August 1, 2023. The offering is being made only by means of a prospectus forming part of the effective registration statement. Copies of the preliminary prospectus and, when available, copies of the final prospectus, relating to the offering may be obtained on the SEC's website located at http://www.sec.gov. Electronic copies of the final prospectus relating to the offering may 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 completion, timing, size and use of proceeds of the public offering, the satisfaction of customary closing conditions related to 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, the satisfaction of customary closing conditions related to the public offering 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, the availability and timing of data from ongoing 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 such as the coronavirus (referred to as COVID-19), 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

View source version on accesswire.com:
https://www.accesswire.com/771698/Aptevo-Therapeutics-Inc-Announces-Pricing-of-5-Million-Public-Offering

FAQ

What is the purchase price of the common stock?

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

What are Series A and Series B Warrants?

Series A and Series B Warrants are financial instruments that give investors the right to purchase additional shares of common stock at a fixed price.

When will the offering close?

The offering is expected to close soon, although the exact date is not specified in the press release.

What is the purpose of the funding obtained through the sale of common stock?

The funding obtained through the sale of common stock is expected to provide financial stability for Aptevo Therapeutics Inc.