04:47 PM EDT, 08/30/2024 (MT Newswires) -- Aptose Biosciences ( APTO ) was at last look up near 65% on Friday afternoon after saying it has received a US$10 million loan from Hanmi Pharmaceutical.

A statement noted the loan is convertible either as prepayment for future milestone obligations or repayable after the expected completion of a triple-drug combination trial with tuspetinib in newly diagnosed acute myeloid leukemia patients. Aptose will use the proceeds to further develop tuspetinib.

Aptose and Hanmi also plan to negotiate a new deal to co-develop the drug, which aims to provide further funding for its clinical development. Aptose licensed tuspetinib from Hanmi in November 2021.

APS was unchanged at $0.53 on the TSX today.