Aptevo Therapeutics Inc. (NASDAQ:APVO) shares were down slightly Friday. The Seattle-based Aptevo, a clinical-stage biotechnology Company focused on developing novel immune-oncology therapeutics based on its proprietary ADAPTIR® and ADAPTIR-FLEX® platform technologies, today announced that the Company has entered into a $60 million equity line of credit (ELOC) agreement with Yorkville Advisors Global, LP, strengthening the Company's financial flexibility as it continues to advance its clinical and preclinical pipeline of multispecific anti-cancer agents that are differentiated by design.
The facility provides Aptevo with access to capital, allowing the Company to raise funds incrementally, at its discretion, and under market-based conditions. Further, an ELOC offers affordable capital financing with minimal fees and no warrants. Proceeds from the ELOC will be used to support ongoing clinical development, advance preclinical programs, and fund general corporate purposes.
"This agreement offers added flexibility and control over how and when we access capital," said Chief Financial Officer Daphne Taylor.
"Importantly, the fully leveraged facility plus cash on hand is sufficient to fund us for three years, into 2029. During this time, we plan to continue generating clinical data and advancing differentiated assets across the portfolio focusing on execution and value creation."
The ELOC complements Aptevo's existing capital resources and is designed to support the Company's disciplined approach to balance sheet management, while preserving optionality around future strategic and growth decisions.
APVO shares lost eight cents to $9.12.
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