APTEVO THERAPEUTICS INC. (NASDAQ:APVO) Files An 8-K Entry into a Material Definitive AgreementItem 1.01Entry into a Material Definitive Agreement.
On August 6, 2018, Aptevo Therapeutics Inc. (the “Company”), and certain subsidiaries entered into an Amended and Restated Credit and Security Agreement (the “Amended Credit Agreement”), amending the terms of its original $20 million term loan agreement with certain lenders and with MidCap Financial Trust as agent for such lenders. Under the Amended Credit Agreement, the maturity date of the obligations under the Amended Credit Agreement has been extended to February 1, 2023.In addition, the date on which the Company is required to begin making principal amortization payments has been extended to February 1, 2020, with an opportunity for further deferral through August 1, 2020 if the Company achieves trailing twelve month net commercial product revenues of $32 million by December 31, 2019 and maintains such level of net commercial product revenues for each quarter thereafter. The amount of restricted cash that the Company is required to maintain on its balance sheet has been reduced from $10 million to $5 million.
As part of the Amended Credit Agreement, the agent and the lenders also agreed that the covenant levels set forth in the minimum net commercial product revenue covenant were revised.
The foregoing description of the Amended Credit Agreement is not complete and is qualified in its entirety by reference to the full text of the Amended Credit Agreement, a copy of which shall be filed with its complete financial and operational results for the third quarter ended September 30, 2018 in a Form 10-Q and is incorporated herein by reference.
About APTEVO THERAPEUTICS INC. (NASDAQ:APVO)
Aptevo Therapeutics Inc. is a biotechnology company. The Company is focused on oncology and hematology therapeutics. The Company is engaged in the discovery, development, commercialization and sale of oncology and hematology therapeutics. The Company’s technology is the ADAPTIR (modular protein technology) platform. The Company has approximately four products in the areas of hematology and infectious diseases, as well as various investigational-stage product candidates in immuno-oncology. The Company’s investigational-stage product candidates include MOR209/ES414, ES210, ES425, Otlertuzumab and 5E3. Its technology can produce monospecific and multispecific immunotherapeutic proteins that bind to various targets. The Company’s marketed products are WinRho SDF (Rho(D) Immune Globulin Intravenous (Human)), HepaGam B (Hepatitis B Immune Globulin Intravenous (Human)), VARIZIG (Varicella Zoster Immune Globulin (Human)), and IXINITY (coagulation factor IX (recombinant)).
