Sio Gene Therapies Gains After Receiving $11.6M From Arvelle Therapeutics Deal Close
- Sio Gene Therapies Inc (NASDAQ: SIOX) has received $11.6 million from closing the sale of Arvelle Therapeutics to Angelini Pharma.
- The transaction was announced last month, wherein Sio Gene Therapies agreed to sell its stake in Arvelle Therapeutics to Angelini Pharma for up to $960 million. As reported earlier, the deal extends Sio Gene's cash runway in 2022.
- According to the terms of the sale, additional payments to Sio Gene Therapies are expected over time, including a payment of approximately $4.8 million by mid-2021 upon marketing approval of cenobamate by the European Medicines Agency.
- Yesterday, SIOX announced the first patient's dosing in the Phase 1/2 study evaluating AXO-AAV-GM2 gene therapy to treat GM2 gangliosidosis.
- Price Action: SIOX climbed 5.99% at $3.01 in premarket trading on the last check Thursday.
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