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FREEHOLD, N.J. - Avalon GloboCare Corp. (NASDAQ: ALBT), a micro-cap company with a market capitalization of $4.04 million specializing in precision diagnostics and laboratory services, announced Monday that it has received a Notice of Allowance from the China National Intellectual Property Administration for its patent application AVAR1901CN. According to InvestingPro data, the company’s stock has declined 26.17% over the past six months, though it shows recent momentum with a 13.19% gain year-to-date. This approval signifies a key development in the field of chimeric antigen receptor (CAR)-based therapies and expands Avalon’s intellectual property rights to China.
The granted patent, which was co-developed with Hong Kong-based Arbele Limited, focuses on a technology aimed at improving the expansion, manufacturing, survival, and efficacy of CAR-T and CAR-Natural Killer (NK) cells. This technology includes a bispecific Anti-CD19xCD22 CAR design, which targets both CD19 and CD22 antigens, potentially reducing the risk of tumor escape through antigen loss. Additionally, the technology facilitates localized cytokine responses upon tumor engagement, which may improve CAR cell cytotoxicity and proliferation while also activating host anti-tumor immune responses.
David Jin, M.D., Ph.D., CEO of Avalon, commented on the patent’s significance, stating that the bispecific CAR design and cytokine induction technology are intended to enhance the effectiveness of CAR cell therapies and stimulate the body’s own immune response against tumors. Jin expressed confidence that these innovations would contribute to more accessible and improved outcomes for cancer patients globally.
Avalon GloboCare, listed on the NASDAQ, is a commercial stage company dedicated to developing and delivering innovative, transformative, precision diagnostics and clinical laboratory services. The company offers a broad range of diagnostic tests, including drug testing, toxicology, and various bloodwork services. InvestingPro analysis reveals challenging financial metrics, with an EBITDA of -$13.25 million and a current ratio of 0.11, indicating potential liquidity concerns. InvestingPro subscribers have access to over 30 additional financial metrics and insights about Avalon’s performance.
The information in this article is based on a press release statement from Avalon GloboCare. The company’s forward-looking statements indicate its expectations for future events and are subject to risks, uncertainties, and other factors that could cause actual results to differ materially. InvestingPro’s Financial Health Score indicates a weak overall rating, with particularly concerning metrics in profitability and cash flow. Avalon GloboCare’s views may change, and the company has no obligation to update forward-looking statements.
In other recent news, Avalon GloboCare Corp., a biotech company, has made significant changes to its capital structure. The company executed an exchange agreement with its Chairman, Wenzhao Lu, wherein Lu exchanged 9,000 shares of Series A Preferred Stock for 5,000 shares of newly designated Series D Preferred Stock. This move effectively retired the Series A Preferred Stock, with the Series D Preferred Stock now convertible into common stock at a rate of $2.41 per share, subject to shareholder approval.
Additionally, Avalon GloboCare entered into a financial agreement with York Sun Investment Holding Limited, involving the sale of Series C Convertible Preferred Stock valued at $7 million. This transaction provides Avalon GloboCare with additional capital for its operations. The Series C Convertible Preferred Stock can be converted into common stock at a rate of $2.41 per share, contingent upon shareholder approval and the passage of one year from the first issuance date.
In other developments, Avalon GloboCare announced its return to compliance with Nasdaq’s minimum bid price requirement. According to a notification from Nasdaq, Avalon GloboCare has met the standards set under Nasdaq Rule 5550(a)(2). These are some of the recent developments at Avalon GloboCare, reflecting its ongoing strategic financial management and commitment to robust corporate governance.
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