Aptevo Therapeutics Inc. said Chicago-based asset manager Lincoln Park Capital Fund LLC has committed to buy $35 million of its common stock.
Aptevo Therapeutics plans to use the net proceeds from the share sale to further develop bispecific antibody candidates using its ADAPTIR platform. Bispecific antibodies are artificial proteins designed to simultaneously bind to two different types of antigen — a toxin or other foreign substance that induces the body's immune response.
Under the purchase agreement, Lincoln Park Capital Fund is obligated to buy shares, at Aptevo Therapeutics request, over a 36-month period. Aptevo Therapeutics has also issued shares to the asset manager as commitment shares and will issue additional commitment fee shares upon the effectiveness of the registration statement.
Aptevo Therapeutics can terminate the agreement at any time without any cost or penalty.
Aptevo Therapeutics is a biotechnology company that develops treatments for cancer and blood-related diseases.