Avalo Therapeutics Acquires A Phase 2-Ready Anti-IL-1β mAb, Which It Refers To As AVTX-009, Through Acquisition Of Privately Held AlmataBio In Stock-For-Stock Transaction
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Avalo Therapeutics has acquired a Phase 2-ready anti-IL-1β monoclonal antibody, AVTX-009, through a stock-for-stock transaction with AlmataBio. Concurrently, Avalo announced a private placement sale of preferred stock and warrants, led by Commodore Capital and TCGX, with participation from several notable investors, aiming to raise up to $185 million in gross proceeds.
March 27, 2024 | 8:04 pm
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Avalo Therapeutics acquires AVTX-009 from AlmataBio and announces a significant private placement to fund its development.
The acquisition of a Phase 2-ready asset, AVTX-009, signifies a strategic expansion of Avalo Therapeutics' pipeline, potentially enhancing its market position and investor interest. The concurrent private placement indicates strong financial backing and confidence from notable investors, likely to positively impact investor sentiment and Avalo's stock price in the short term.
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