Cash-strapped biotech flips ex-MedImmune anti-inflammatory drug for $15M cash
Having turned to layoffs earlier this year to tighten its financial belt, microcap biotech Avalo Therapeutics has now added some much-needed cash to the bank.
The Rockville, MD-based biotech is selling AVTX-007 (camoteskimab), an IL-18 antibody, to the UK’s Apollo Therapeutics, which is dishing out $15 million to grab the drug and promising up to $74 million in milestones. Apollo will be in charge of all future development.
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