On January 10, Avalo Therapeutics Inc. (AVTX) announced the appointment of Stephen Smolinski as its Chief Commercial Officer. Following the news, the stock became bullish in the after hours.
During regular trading, AVTX stock lost 2.04% after closing the session at $0.9556 with 564.31K shares exchanging. After the emergence of the news, the stock reached $1.02 with a gain of 6.74% in the after-market session.
The biopharmaceutical company, Avalo Therapeutics Inc. has a market capitalization of $109.57 million with its 112.32 million shares outstanding. Further, the stock has lost 43.79% in the past five days and 61.47% last year.
AVTX’s New Chief Commercial Officer
As per Tuesday’s announcement, Stephen Smolinski became the company’s Chief Commercial Officer, effective January 03, 2022. As the CCO, Mr. Smolinski will be responsible for leading the company’s commercial team for launch readiness initiatives. Moreover, he will also supervise the development and execution of AVTX’s go-to-market strategy.
Before joining the company, Mr. Smolinski served with Swedish Orphan Biovitrum AB, Selecta Biosciences, Sanofi/Genzyme’s North American Rheumatology Business Unit, and many others. Mr. Smolinski has earned a B.S. in Health Care Administration from Oregon State University.
In addition, the company also awarded a grant of a non-qualified stock option for buying 400,000 shares of common stock to Mr. Smolinski. This grant was awarded as inducement material according to his employment agreement terms on January 04, 2022.
Business Updates of the Company
On November 09, the company provided its business updates, according to which:
- AVTX reported positive initial results of AVTX-002 in Phase 1b proof-of-concept study in Crohn’s disease patients. Although, the later data suggested that most of the patients with mucosal healing returned to doing poorly after 2-3 months of cessation.
- Rebranding completed from Cerecor Inc. to Avalo Therapeutics, Inc.
- Raised gross proceeds of $31.5 million through a public offering in September 2021.
- Complete second drawdown of $10 million and third drawdown of $5 million under debt financing agreement of $35 million with Horizon Technology Finance Corporation.
Q3 Financial Highlights
Along with the business highlights, the company also declared its financial results for the third quarter of 2021.
In the third quarter of 2021, AVTX had net product revenue of $1.4 million, against $1.1 million in Q3 of 2020.
Furthermore, the company ended the third quarter of 2021, with cash and cash equivalents of $71.5 million. Subsequently, this shows an increase of $52.6 million from December 31, 2020.
