SEATTLE - Aptevo Therapeutics Inc . (NASDAQ:APVO), a biotechnology firm engaged in developing cancer treatments, has announced the pricing of its public stock offering, which includes common stock shares or pre-funded warrants, and accompanying common warrants. The offering, scheduled to close on April 15, 2024, is priced at $1.35 per share, with each share bundled with two warrants, also priced at $1.35 each.
The company aims to raise approximately $4.6 million before deducting fees and expenses related to the offering. Aptevo plans to use the net proceeds to advance the clinical development of its product candidates, as well as for working capital and other corporate purposes.
The common warrants, which are exercisable immediately upon issuance, will expire five years from the date of issuance. Roth Capital Partners is serving as the placement agent for the offering, with Dawson James Securities, Inc. as co-agent.
This offering is being made pursuant to a registration statement, which the U.S. Securities and Exchange Commission (SEC) declared effective on April 10, 2024. Interested parties can obtain copies of the prospectus from the SEC's website or directly from Roth Capital Partners.
Aptevo's focus is on developing novel immuno-oncology therapies to improve treatment outcomes for cancer patients. The company leverages its proprietary ADAPTIR™ and ADAPTIR-FLEX™ platform technologies in its research and development efforts.
Investors are cautioned that forward-looking statements in this announcement are based on current expectations and beliefs, which are subject to risks and uncertainties that could cause actual results to differ materially. Factors that may influence the outcome include market conditions, regulatory and macroeconomic changes, and other risks detailed in Aptevo's SEC filings.
The information in this article is based on a press release statement from Aptevo Therapeutics.
InvestingPro Insights
As Aptevo Therapeutics Inc. (NASDAQ:APVO) proceeds with its public stock offering, insights from InvestingPro provide a deeper look into the company's financial health and market performance. Notably, Aptevo holds more cash than debt on its balance sheet, which could be a strategic advantage for funding ongoing clinical developments.
Moreover, the company has seen a significant return over the last week, with a 1 Week Price Total Return of 8.14%, reflecting a potential uptick in investor confidence surrounding the stock offering announcement.
InvestingPro Data reveals a Market Cap of approximately $1.28M USD, which is relatively small and may indicate a higher risk investment. The Price to Book ratio, as of the last twelve months ending Q4 2023, stands at 0.16, suggesting that the stock may be undervalued compared to its book value. Still, it is crucial to consider that Aptevo's Gross Profit for the same period was reported to be negative at -$17.11M USD, indicating challenges in generating profit from its operations.
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