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avalo THERAPEUTICS Exhibit 99.1 • Avalo Reports Third Quarter 2021 Financial Results and Provides Business Updates Topline Phase 1b data for AVTX - 002 in moderate to severe Crohn's disease patients expected in the fourth quarter of 2021 Multiple data readouts across programs anticipated within the next six months Cash and cash equivalents of $ 71.5 million on hand following recent financing transactions during the quarter - WAYNE , PA AND ROCKVILLE , MD , November 9 , 2021 - Avalo Therapeutics , Inc. ( Nasdaq : AVTX ) , a leading clinical - stage precision medicine company that discovers , develops , and commercializes targeted therapeutics for patients with significant unmet clinical need in immunology , immuno - oncology , and rare genetic diseases today announced business updates and third quarter 2021 financial results . " The third quarter was focused on execution ahead of a number of data readouts in multiple key pipeline programs anticipated in the coming months , " said Mike Cola , Chief Executive Officer of Avalo Therapeutics . “ We further solidified our balance sheet with a successful public offering in September that puts the Company in a position to support the development of our pipeline through multiple catalysts . " Business Updates : • • In July 2021 , the Company reported positive initial results for the low - dose cohort ( 1.0 mg / kg ) of its Phase 1b proof - of - concept study of AVTX - 002 , an investigational first - in - class fully human anti - LIGHT ( tumor necrosis factor superfamily member 14 ( TNFSF14 ) ) monoclonal antibody ( mAb ) , in adult patients with moderate to severe Crohn's disease . Completed rebranding to Avalo Therapeutics , Inc. from Cerecor Inc. , accentuating the Company's transition to developing innovative targeted therapies in immunology , immuno - oncology , and rare genetic diseases . In September 2021 , the Company raised gross proceeds of approximately $ 31.5 million through a public offering of common stock , which strengthens and extends the Company's financial resources to advance its clinical pipeline towards key development milestones . Avalo had cash and cash equivalents of $ 71.5 million as of September 30 , 2021 . During the third quarter of 2021 , the Company completed its second drawdown of $ 10 million and third drawdown of $ 5 million under its previously announced $ 35 million venture debt financing agreement with Horizon Technology Finance Corporation . With the closing of the second and third tranches , the Company has received the full $ 35 million of gross proceeds under its debt financing agreement . Program Updates and Milestones : • AVTX - 002 : Anti - LIGHT mAb targeting immune - inflammatory diseases including acute respiratory distress syndrome ( ARDS ) and moderate - to - severe inflammatory bowel disease ( Crohn's disease and ulcerative colitis ) . ° The Company has completed enrollment in Cohort 2 ( 3.0 mg / kg ) of its Phase 1b proof - of - concept trial of AVTX - 002 in moderate - to - severe Crohn's disease and anticipates top - line data in the fourth quarter of 2021 . Based on the positive data from Cohort 1 ( 1.0 mg / kg ) of its Phase 1b trial of AVTX - 002 in moderate- to - severe Crohn's disease , the Company has expanded the IBD program to include 1