Notable 28 March 2024 Headlines

March 28, 2024

DENVER, Colo., Mar 28, 2024 (247marketnews.com)- This morning’s notable listings with recent news include Treasure & Shipwreck Recovery (OTCPK:BLIS), Akebia Therapeutics, Inc. (NASDAQ:AKBA), Avalo Therapeutics, Inc. (NASDAQ:AVTX), Xilio Therapeutics, Inc. (NASDAQ:XLO) and Gilead Sciences, Inc. (NASDAQ:GILD).

Treasure & Shipwreck Recovery (OTCPK:BLIS) signed a definitive merger agreement with Native American Pride Constructors (“NAPC”), which has the exclusive license to produce and sell the Corner Shot USA System, in the USA and Saudi Arabia, and will manufacture the product at its Florida facility. NAPC signed an LOI to sell Corner Shot units to Saudi Arabia, valued at approximately $370,000,000, with a net profit margin of at least 20% to NAPC.

NAPC also plans on brokering munitions and military hardware, including more than eleven (11) different munitions and military hardware items that are of interest to Allied and NATO forces in the Ukraine and the Middle East, which require U.S. State Department approval.

Akebia Therapeutics (NASDAQ:AKBA) announced that the FDA approved Vafseo (vadadustat) Tablets, which is now approved in 37 countries, for the treatment of anemia due to chronic kidney disease (CKD) in adults receiving dialysis for at least three months.

“With the approval of Vafseo in the U.S., we’re proud to deliver an alternative treatment option for the hundreds of thousands of Americans on dialysis who are diagnosed with anemia due to CKD,” said John P. Butler, Chief Executive Officer of Akebia. “At Akebia we are committed to kidney patients, a dedication that has driven our team to achieve this milestone. We believe this commitment uniquely positions the company to execute a successful launch designed to drive toward a potential new oral standard of care for dialysis patients.”

Avalo Therapeutics (NASDAQ:AVTX) reported, after yesterday’s market close, that it acquired AlmataBio, Inc. and its Phase 2-ready anti-IL-1β mAb. Additionally, Avalo agreed to sell preferred stock and warrants, valued at up to $185 million in gross proceeds, including an initial gross upfront investment of $115.6 million.

“We are thrilled to announce the acquisition of AVTX-009 and concurrent financing of up to $185 million. Avalo remains focused on the treatment of inflammatory conditions, and we are excited to prepare to initiate a Phase 2 trial in HS, a severe autoimmune disease with significant unmet needs. We believe AVTX-009, which was originally developed by Eli Lilly, has a high probability of success for the treatment of HS as evidenced by recent data readouts validating inhibition of IL-1β 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,” said Garry A. Neil, MD, CEO, and Chairman of the Board at Avalo. “We are excited to be fully funded through our expected data readout and we appreciate the support of this outstanding investment syndicate.

Xilio Therapeutics, Inc. (NASDAQ:XLO) and Gilead Sciences, Inc. (NASDAQ:GILD) jointly announced that they entered an exclusive license agreement to develop and commercialize Xilio’s Phase 1 tumor-activated IL-12 program, XTX301.

Xilio will receive $43.5 million in upfront payments, including a cash payment of $30 million and an initial equity investment by Gilead of $13.5 million in Xilio common stock at a premium. Xilio will be eligible to receive up to $604 million in additional contingent payments, including additional equity investments by Gilead, and will also be eligible to receive tiered royalties ranging from high single digits to mid-teens on annual global net product sales.

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