Sio Gene Therapies Gains After Receiving $11.6M From Arvelle Therapeutics Deal Close

Sio Gene Therapies Inc (NASDAQ: SIOX) has received $11.6 million from closing the sale of Arvelle Therapeutics to Angelini Pharma.
The transaction was announced last month, wherein Sio Gene Therapies agreed to sell its stake in Arvelle Therapeutics to Angelini Pharma for up to $960 million. As reported earlier, the deal extends Sio Gene's cash runway in 2022.
According to the terms of the sale, additional payments to Sio Gene Therapies are expected over time, including a payment of approximately $4.8 million by mid-2021 upon marketing approval of cenobamate by the European Medicines Agency.
Yesterday, SIOX announced the first patient's dosing in the Phase 1/2 study evaluating AXO-AAV-GM2 gene therapy to treat GM2 gangliosidosis.
Price Action: SIOX climbed 5.99% at $3.01 in premarket trading on the last check Thursday.