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Aptevo Therapeutics Inc. (APVO)

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Last Post: 9/29/2016 9:40:53 AM - Followers: 2 - Board type: Free - Posts Today: 0
SEATTLE--(BUSINESS WIRE)--August 01, 2016-- Aptevo Therapeutics Inc. ("Aptevo"; "the Company") (Nasdaq:APVO), a biotechnology company focused on developing novel oncology and hematology therapeutics, announced today that it has reached agreement with MidCap Financial on the final terms on a $35 million term loan. The agreement provides Aptevo with up to $35 million of available borrowing capacity, which will be available to the Company in two tranches of $15 million to $20 million, at the Company's discretion, through January 2021. The agreement bears interest at a rate of LIBOR plus 7.60% per annum. The parties expect to close the transaction at the end of the week, provided certain closing conditions are met. The Company expects to draw the first tranche in August 2016, and will be able to access the second tranche after the Company achieves net commercial products revenue of $40 million on a trailing twelve month basis and receives the $20 million balance of the Emergent BioSolutions cash injection. This $20 million amount is secured by a non-negotiable, unsecured promissory note and will be received within six to 12 months of the separation. Marvin White, President and Chief Executive Officer of Aptevo, stated: "We are pleased to partner with MidCap Financial on this agreement. We believe this financing, along with the $65 million total cash contribution from Emergent BioSolutions and the cash flows generated from our commercial product portfolio, provide Aptevo with a solid cash position to pursue our strategy of bringing novel oncology and hematology therapeutics to market in order to enhance patients' lives and drive value for our shareholders." About Aptevo Therapeutics Aptevo Therapeutics Inc. is a biotechnology company focused on novel oncology and hematology therapeutics to meaningfully improve patients' lives. Its core technology is the ADAPTIR(TM) (modular protein technology) platform. Aptevo has four revenue-generating products in the areas of hematology and infectious diseases, as well as various investigational stage product candidates in immuno-oncology. 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 potential opportunities and financial impact of the transaction, our technology and related pipeline, collaboration and partnership opportunities 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 our actual results to differ materially from those indicated by such forward-looking statements, including possible negative effects on our business operations, assets or financial results as a result of the separation; a deterioration in our business or prospects; adverse developments in our customer-base or markets; 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 our filings with the Securities and Exchange Commission, including our Registration Statement on Form 10, as amended. The foregoing sets forth many, but not all, of the factors that could cause actual results to differ from our expectations in any forward-looking statement. View source version on businesswire.com: http://www.businesswire.com/news/home/20160801005439/en/ CONTACT: Aptevo Therapeutics Stacey Jurchison, 206-859-6628 Senior Director, Investor Relations and Corporate Communications JurchisonS@apvo.com SOURCE: Aptevo Therapeutics Copyright Business Wire 2016 (END) Dow Jones Newswires August 01, 2016 07:30 ET (11:30 GMT) Story ID: 20160801SN005400 Keywords: COMPANY NEWS, THIRD-PARTY CONTENT, PRESS RELEASES AUTO-PUBLISHED ON TICKER, DOW JONES CONTENT SET SN, GRAND CENTRAL ASSET CLASS EQUITIES, PRESS RELEASES ON NEWSWIRES, HEALTH, BUSINESS WIRE, SIGNIFICANT STORY, HEALTH CARE, GENERAL NEWS, PRESS RELEASE WIRES, BIOTECHNOLOGY Symbols: APVO
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APVO News: Current Report Filing (8-k) 11/28/2016 04:32:58 PM
APVO News: Aptevo Therapeutics to Present at the 28th Annual Piper Jaffray Healthcare Conference 11/23/2016 09:03:00 AM
APVO News: Statement of Ownership (sc 13g) 11/18/2016 05:03:53 PM
APVO News: Amended Statement of Changes in Beneficial Ownership (4/a) 09/27/2016 03:47:26 PM
APVO News: Amended Statement of Changes in Beneficial Ownership (4/a) 09/27/2016 03:44:47 PM
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#14   I'm waiting for the bottom here, great potential IMO. Golf4Food 09/29/16 09:40:52 AM
#13   I think this stock is significantly undervalued. Here's stockspinoffs 09/28/16 10:29:10 PM
#12   All of the officers were granted options per Golf4Food 09/28/16 09:48:17 AM
#11   Guess not retireat40 09/12/16 04:22:27 PM
#10   Maybe someone knows something. Some pretty large buys retireat40 09/11/16 02:34:45 PM
#9   APVO is a spinoff from NYSE:EBS, they recently Golf4Food 09/10/16 09:29:10 AM
#8   Gave back most of the gains...see what happens Monday. retireat40 09/09/16 03:45:44 PM
#7   No clue...maybe some news coming? Hard to say... retireat40 09/09/16 01:53:21 PM
#6   Bottom play.... Golf4Food 09/09/16 01:10:25 PM
#5   Do you know why it is up? Cant Vincent1974 09/09/16 12:50:59 PM
#4   Decent volume today...can't seem to break and hold retireat40 09/09/16 12:10:31 PM
#3   What is going on here? Vincent1974 09/09/16 10:54:31 AM
#2   Doing some checking, looks like we need to Golf4Food 09/05/16 09:59:59 AM
#1   Bought APVO @ 3.20 Scootter82 08/02/16 01:08:08 PM
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