Aptevo Therapeutics amended the terms of its original $20 million term loan agreement with MidCap Financial Trust.
Under the new agreement, the timeline for Aptevo to begin making principal repayments has been extended from August 1, 2018 to February 1, 2020, with an opportunity for further deferral through August 1, 2020. In addition, the amount of restricted cash that Aptevo is required to maintain on its balance sheet has been reduced from $10 million to $5 million.
“We are extremely pleased to execute a new agreement with MidCap,” said Jeff Lamothe, chief financial officer for Aptevo. “The revised terms of the new agreement will increase our available cash by approximately $18 million over the next 18 months, extending our cash runway and providing increased flexibility with regard to Aptevo’s future capital requirements. We are pleased to continue to work with the team at MidCap and look forward to our continued collaboration.”
Aptevo Therapeutics is a clinical-stage biotechnology company that focuses on novel oncology and hematology therapeutics to improve patients’ lives.
