Aptose Biosciences Secures $10M Loan From Hanmi Pharmaceutical For Tuspetinib Development; Companies To Negotiate New Co-Development Agreement For AML Treatment

Author: Benzinga Newsdesk | August 30, 2024 04:31pm

Aptose Biosciences Inc. ("Aptose" or the "Company") (NASDAQ:APTO, TSX:APS), a clinical-stage precision oncology company developing tuspetinib, a highly differentiated oral kinase inhibitor for the treatment of patients with acute myeloid leukemia (AML), today announced that it received a $10 million loan through a Facility Agreement with Hanmi Pharmaceutical Co. Ltd. ("Hanmi"). The loan is convertible as prepayment of milestone obligations under the Future Collaboration Agreement (as defined hereinafter) or repayable after the expected completion of a triple drug combination trial with tuspetinib in newly diagnosed AML patients. Aptose will use the proceeds from such loan for the development of tuspetinib.

 

Beyond the $10 million Facility Agreement, Aptose and Hanmi have agreed to negotiate a new tuspetinib co-development collaboration agreement (the "Future Collaboration Agreement'), intended to provide additional funding to accelerate clinical development of tuspetinib. Aptose licensed tuspetinib from Hanmi Pharmaceutical in November 2021.

Posted In: APTO TSX:APS