Shares of Avalo Therapeutics, Inc. (AVTX) are soaring over 260% on Thursday after the biotech company announced the acquisition of a Phase 2-ready anti-IL-1ß mAb developed for a chronic inflammatory skin condition, through the acquisition of privately held AlmataBio, Inc.
AVTX is currently trading at $17.22, up $12.47 or 262.53%, on a huge volume of 4.4 million shares, compared to average volume fo 100 thousand, on the Nasdaq. The stock opened its trading at $18.79 after closing Wednesday at $4.75. The stock has traded between $3.95 and $1,130.40 in the past 52-week period.
The anti-IL-1ß mAb, dubbed AVTX-009, has its origins at Eli Lilly. Avalo intends to pursue the development of AVTX-009 in hidradenitis suppurativa (HS). Avalo CEO Garry Neil said the antibody has a "high probability of success for the treatment of HS as evidenced by recent data readouts validating inhibition of IL-1ß in this disease."
"We believe that HS is a multi-billion-dollar commercial opportunity and that AVTX-009 has the potential to be best-in-class and best-in-indication because of its target, half-life, and potency, which may allow for strong efficacy and convenient dosing," Neil added.
For comments and feedback contact: editorial@rttnews.com
Business News