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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