Abeona therapeutics closes sale of priority review voucher for $155 million

Published 02/07/2025, 12:42
Abeona therapeutics closes sale of priority review voucher for $155 million

CLEVELAND - Abeona Therapeutics Inc. (NASDAQ:ABEO), a gene therapy company with a current market capitalization of $285 million, has completed the sale of its Rare Pediatric Disease Priority Review Voucher for $155 million, the company announced Wednesday. According to InvestingPro data, the company’s stock currently trades at $5.57, with analysts setting price targets ranging from $11 to $27.50.

Following the transaction, which closed on June 27, 2025, Abeona reported approximately $225 million in unaudited cash, cash equivalents, restricted cash and short-term investments as of June 30, 2025.

"The PRV proceeds, combined with our existing cash, provides Abeona with robust financial flexibility, ensuring over two years of operating capital for sustained growth without the need for further capital infusion and prior to accounting for ZEVASKYN sales," said Joe Vazzano, Chief Financial Officer of Abeona.

The U.S. Food and Drug Administration awarded the priority review voucher to Abeona in April 2025 in connection with the approval of ZEVASKYN (prademagene zamikeracel), a cell-based gene therapy for treating wounds in patients with recessive dystrophic epidermolysis bullosa.

The company expects the first ZEVASKYN patient treatment in the third quarter of 2025 and projects profitability for early 2026, according to the press release statement.

Abeona manufactures ZEVASKYN at its cell and gene therapy facility in Cleveland, Ohio. The company’s development portfolio also includes adeno-associated virus-based gene therapies for ophthalmic diseases.

In other recent news, Abeona Therapeutics reported notable financial performance in the first quarter of 2025, surpassing earnings per share expectations. The company reported an EPS of -$0.24, beating the forecasted -$0.37, and significantly reducing its net loss from the previous year. Abeona has also secured FDA approval for its new therapy, ZivaSkin, marking a significant milestone in its product offerings. In a strategic move, Abeona announced the sale of a priority review voucher, generating $152 million in proceeds to bolster its financial position.

Additionally, Abeona has entered into a licensing agreement with Beacon Therapeutics for its AAV204 capsid, which is aimed at developing gene therapies for retinal diseases. This agreement includes an upfront payment and potential milestone payments, alongside royalties on future sales. Analyst firms have shown varied responses to Abeona’s recent developments. Oppenheimer assumed coverage with an Outperform rating, emphasizing the early momentum of ZEVASKYN, while Stifel adjusted their price target to $20 but maintained a Buy rating, reflecting confidence in the company’s revenue projections.

The company has also made strides in commercializing ZEVASKYN, with its first Qualified Treatment Center activated ahead of schedule, and ongoing discussions to expand accessibility through agreements with payer groups. These developments position Abeona Therapeutics for potential growth as it continues to advance its pipeline and expand its market reach.

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