Adverum Biotechnologies Announces $127.5 Million Private Placement Financing
05 Febbraio 2024 - 1:45PM
Adverum Biotechnologies, Inc. (Nasdaq: ADVM), a clinical-stage
company that aims to establish gene therapy as a new standard of
care for highly prevalent ocular diseases, today announced that it
has agreed to sell approximately 106.25 million shares of its
common stock (or pre-funded warrants in lieu thereof) to a select
group of institutional and accredited healthcare specialist
investors in a private placement, at a price per share of $1.20,
representing a premium of approximately 20% to Adverum’s 30-day
volume-weighted average price. The financing is expected to close
on February 8, 2024, subject to customary closing conditions.
Adverum anticipates the gross proceeds from the private placement
to be approximately $127.5 million, before deducting any offering
related expenses.
The financing was led by TCGX with participation from new and
existing investors including 5AM Ventures, Commodore Capital,
Frazier Life Sciences, Logos Capital, Samsara BioCapital, Venrock
Healthcare Capital Partners and Vivo Capital, as well as two large
investment management firms. In lieu of shares of common stock,
certain investors are purchasing pre-funded warrants at a purchase
price of $1.1999 per share, which equals the purchase price per
share of common stock, less the $0.0001 per share exercise price of
each pre-funded warrant.
The proceeds from this financing, combined with current cash,
cash equivalents and marketable securities, are expected to be
sufficient to fund the current operating plan into late 2025.
TD Cowen and Truist Securities acted as placement agents on the
offering.
The securities described above have not been registered under
the Securities Act of 1933, as amended. Accordingly, these
securities may not be offered or sold in the United States, except
pursuant to an effective registration statement or an applicable
exemption from the registration requirements of the Securities Act.
Adverum has agreed to file a registration statement with the U.S.
Securities and Exchange Commission (the “SEC”) registering the
resale of the shares of common stock issued in this private
placement. Any offering of the securities under the resale
registration statement will only be made by means of a
prospectus.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such
jurisdiction.
About Adverum BiotechnologiesAdverum
Biotechnologies (Nasdaq: ADVM) is a clinical-stage company that
aims to establish gene therapy as a new standard of care for highly
prevalent ocular diseases with the aspiration of developing
functional cures to restore vision and prevent blindness.
Leveraging the capabilities of its proprietary intravitreal (IVT)
platform, Adverum is developing durable, single-administration
therapies, designed to be delivered in physicians’ offices, to
eliminate the need for frequent ocular injections to treat these
diseases. Adverum is evaluating its novel gene therapy candidate,
ixoberogene soroparvovec (Ixo-vec, formerly referred to as
ADVM-022), as a one-time, IVT injection for patients with
neovascular or wet age-related macular degeneration. Additionally,
by overcoming the challenges associated with current treatment
paradigms for debilitating ocular diseases, Adverum aspires to
transform the standard of care, preserve vision, and create a
profound societal impact around the globe. For more information,
please visit www.adverum.com.
Forward-looking Statements Statements contained
in this press release regarding events or results that may occur in
the future are “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995. Such
statements include, but are not limited to, statements associated
with the intended use of net proceeds from the private placement,
the Company’s cash sufficiency and runway, expected timing of
closing of the private placement and the completion of the private
placement, and other statements containing the words “anticipates,”
“believes,” “expects,” “intends,” “plans,” “will” and similar
expressions. Actual results could differ materially from those
anticipated in such forward-looking statements as a result of
various risks and uncertainties, including risks inherent to,
without limitation: risks associated with market conditions.
Additional risks and uncertainties facing Adverum are set forth
under the caption “Risk Factors” and elsewhere in Adverum’s
Securities and Exchange Commission (SEC) filings and reports,
including Adverum’s Quarterly Report on Form 10-Q for the quarter
ended September 30, 2023 filed with the SEC on November 9, 2023.
All forward-looking statements contained in this press release
speak only as of the date on which they were made. Adverum
undertakes no obligation to update such statements to reflect
events that occur or circumstances that exist after the date on
which they were made, except as required by law.
Inquiries: Adverum Investor RelationsEmail:
ir@adverum.com
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