On Monday, Aravive Inc. (Nasdaq: ARAV) advanced 4.55% to $0.83 after achieving a significant milestone. It gained 1.78% to complete the last trading session at $0.79.
What milestone has ARAV reached?
Aravive (ARAV) announced yesterday that its licensee, 3D Medicines Inc., has provided the company with a $6 million development milestone payment. As a result of the introduction of Aravive’s batiraxcept phase 3 clinical trial in China, this milestone has been reached.
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- With the enrollment of batiraxcept (3D-299) in Phase 3 Trial in China, ARAV’s partnership with 3D Medicines is making positive progress.
- In addition to supporting Aravive’s potential marketing application in the United States, its enrollment of patients will also support its potential marketing application in China.
- In November 2020, ARAV entered into an agreement with 3D Medicines that marked its third milestone, and the company will continue to advance toward batiraxcept approval in both China and the United States.
- 3D Medicines Inc. and Aravive have signed a collaboration and license agreement to develop and commercialize batiraxcept in oncology indications.
- In accordance with the terms of the agreement, ARAV will receive milestone payments and royalties totaling up to $207 million.
Aravive achieved this $6 million development milestone in addition to receiving $9 million in development milestones related to batiraxcept’s development in the United States and China for platinum-resistant ovarian cancer, as well as $12 million upfront from 3D Medicines in 2020, for a total of $27 million.
ARAV participated in a major event:
On September 28, 2022, at the Lotte New York Palace Hotel, New York, N.Y., Aravive (ARAV) Chief Executive Officer Gail McIntyre, Ph.D., DABT, and Chief Financial Officer Rudy Howard attended the Cantor Fitzgerald Oncology & HemOnc Conference. A panel discussion with ARAV CEO on Wednesday, September 28, at 10:40 AM ET was titled “Companies with Key Catalysts Over the Next 12-18 Months.”