Avalo Therapeutics, Inc. AVTX shares are trading higher Tuesday after the company announced the payoff of the remainder of its $35 million debt owed to Horizon Technology Finance.
The Details:
Avalo Therapeutics stated that the debt repayment signifies its commitment to financial stability and allows the company to focus on future growth and advancement of its drug candidates.
Dr. Garry A. Neil, MD, CEO of Avalo Therapeutics, stated, "Eliminating our $35 million debt is a testament to the dedication and hard work of our entire team."
"It is a pivotal moment for Avalo, signaling our readiness to embrace new opportunities and transform the lives of patients with immunological diseases and addressing unmet medical needs. With a strengthened balance sheet, the company is well-positioned to pursue collaborations, expand research efforts, and bring innovative treatments to market."
Shares of AVTX are up on heavy trading volume. According to data from Benzinga Pro, more than 231 million shares have already been traded in the session, compared to the stock's 100-day average of 39.363 million shares.
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AVTX Price Action: According to Benzinga Pro, Avalo Therapeutics shares are up nearly 9% at 18 cents at the time of publication.
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