Aptevo Therapeutics Announces Up To $35 Million Common Stock Purchase Agreement With Lincoln Park Capital
Under the terms and conditions of the purchase agreement, and after the filing and effectiveness of a registration statement registering the shares to be sold to LPC, Aptevo has the right, in its sole discretion, to sell shares of common stock to LPC and LPC is obligated to purchase the common stock at times and amounts as set forth in the purchase agreement. There are no upper limits on the price per share that LPC could be obligated to purchase common stock from Aptevo, and the purchase price of any future shares will be based on the prevailing market prices of Aptevo’s shares around the time of each sale. Concomitantly, LPC has agreed not to engage in any direct or indirect short selling or hedging of Aptevo common stock during the term of the purchase agreement.
“We’re pleased to reach this agreement with
No warrants, derivatives, or financial covenants are associated with the purchase agreement, and the agreement may be terminated by Aptevo at any time, at its sole discretion, without any cost or penalty. Aptevo plans to use the proceeds from the sales to LPC to support the advancement of its next-generation ADAPTIR bispecific antibody candidates and for working capital and general corporate purposes. As consideration for entering into these agreements and committing to purchase up to
A more detailed description of these agreements will be set forth in Aptevo’s Current Report on Form 8-K, which will be filed with the
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in this offering, nor will there be any sale of these securities in any jurisdiction in which such offer solicitation or sale are unlawful prior to registration or qualification under securities laws of any such jurisdiction.
LPC is an institutional investor headquartered in
Safe Harbor Statement
This 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 the anticipated proceeds available to Aptevo under the share purchase agreement with LPC, the sufficiency of Aptevo’s funding for planned operations, the anticipated timing of clinical milestones, Aptevo’s outlook, financial performance or financial condition, Aptevo’s technology and related pipeline, 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 failure to satisfy conditions necessary for Aptevo to cause LPC to purchase shares under the share purchase agreement, 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
Aptevo Therapeutics Stacey Jurchison
Senior Director, Investor Relations and Corporate Communications
206-859-6628 / JurchisonS@apvo.com
Source: Aptevo Therapeutics Inc.