Micro-Cap Avalo Therapeutics Stock Rallies As It Snaps AlmataBio For Ex-Eli Lilly Drug For Skin Disorder
Portfolio Pulse from Vandana Singh
Avalo Therapeutics Inc (NASDAQ:AVTX) has acquired AlmataBio Inc, gaining a Phase 2-ready anti-IL-1β mAb, AVTX-009, initially developed by Eli Lilly for skin disorder treatment. Avalo announced a $185 million private placement to fund the development of AVTX-009 for hidradenitis suppurativa (HS) and potentially other chronic inflammatory conditions. The company expects Phase 2 trial results in 2026 and funding to last into 2027. AVTX shares surged 348.60% to $21.31.
March 28, 2024 | 2:00 pm
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Avalo Therapeutics acquires AlmataBio, gaining a promising drug, AVTX-009, and announces a $185 million private placement to fund its development. Shares jumped 348.60% to $21.31.
The acquisition of AlmataBio and the associated private placement funding for the development of AVTX-009 significantly boosts Avalo Therapeutics' prospects. The sharp rise in stock price reflects investor optimism about the potential of AVTX-009 to treat hidradenitis suppurativa and possibly other conditions. The high relevance, importance, and confidence scores are due to the direct impact of these developments on Avalo's strategic direction and financial health.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100