Nektar intends to use the net proceeds of the transaction towards the funding of clinical trials for its early and late stage immune-oncology programs. For the nine-month period ended September 30, 2020, Nektar recognized $30.5 million in aggregate royalties from net sales of ADYNOVATE and MOVANTIK.
"This non-dilutive financing strengthens our financial position as we continue to advance our key IL-2 and IL-15 pipeline programs in solid and liquid tumor settings," said Howard
The new Purchase and Sale Agreement with HCR includes provisions for automatic expiration upon reaching either aggregate royalty payments equal to
HCR is a private investment firm that purchases royalties and uses debt-like structures to invest in commercial or near-commercial stage biopharmaceutical assets. HCR has raised
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "will," "intend," "continue," "return," "expect" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding our intentions for funding specified clinical trials, the strength of our financial period in future periods, and our expectations for our year-end cash position. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results to differ materially from those indicated in the forward-looking statements include, among others, (i) the extent and duration of the impact of the COVID-19 pandemic on our business, regulatory efforts, research and development, clinical trials (including those being led by us and our partner), and corporate development activities will depend on future developments that are highly uncertain and cannot be accurately predicted, such as the ultimate duration of the pandemic, travel restrictions, quarantines, social distancing and business closure requirements in the
ADYNOVATE is a registered trademark of Baxalta Incorporated, a Takeda company, and MOVANTIK is a registered trademark of
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