Adverum Biotechnologies Announces $100 Million Public Offering of Common Stock
February 10 2020 - 4:01PM
Adverum Biotechnologies, Inc. (Nasdaq: ADVM), a clinical-stage gene
therapy company targeting unmet medical needs in ocular and rare
diseases, today announced that it has commenced an underwritten
public offering of $100 million of its common stock. The company
intends to grant the underwriters a 30-day option to purchase up to
an additional 15% of the shares of its common stock offered in the
public offering. All of the shares in the offering will be sold by
Adverum Biotechnologies. The offering is subject to market and
other conditions, and there can be no assurances as to whether or
when the offering may be completed, or as to the actual size or
terms of the offering.
Goldman Sachs & Co. LLC, Cowen and Company,
LLC, and SVB Leerink LLC, are acting as joint book-running managers
for the proposed offering. LifeSci Capital LLC is acting as lead
manager for the proposed offering.
The shares described above are being offered by
Adverum Biotechnologies pursuant to a shelf registration statement
on Form S-3 that was previously filed by Adverum Biotechnologies
with the Securities and Exchange Commission (the “SEC”) on August
8, 2019, and became automatically effective on that date. The
preliminary prospectus supplement and accompanying prospectus
relating to and describing the terms of the offering will be filed
with the SEC and will be available on the SEC’s website located at
http://www.sec.gov. Copies of the preliminary prospectus supplement
and the accompanying prospectus related to this offering, when
available, may be obtained from: Goldman Sachs & Co. LLC by
mail at 200 West Street, New York, NY 10282, Attention: Prospectus
Department, by telephone at (866) 471-2526, or by email at
prospectus-ny@ny.email.gs.com; Cowen and Company, LLC c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY,11717, Attn: Prospectus Department, by email
at PostSaleManualRequests@broadridge.com or by telephone at
(833) 297-2926; or SVB Leerink LLC, Attention: Syndicate
Department, One Federal Street, 37th Floor, Boston, MA, 02110, by
telephone at 1-800-808-7525, ext. 6218, or by email at
syndicate@svbleerink.com. The final terms of the offering will be
disclosed in a final prospectus supplement to be filed with the
SEC.
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 Biotechnologies,
Inc.
Adverum Biotechnologies is a clinical-stage gene
therapy company targeting unmet medical needs in ocular and rare
diseases.
Forward-Looking Statements This
press release contains or may imply “forward-looking statements”
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. For example,
forward-looking statements include statements regarding the size
and completion of the proposed public offering. These
statements are subject to various risks and uncertainties, actual
results could differ materially from those projected and Adverum
Biotechnologies cautions investors not to place undue reliance on
the forward-looking statements in this press release. These risks
and uncertainties include, without limitation, risks and
uncertainties related to market conditions and satisfaction of
customary closing conditions related to the public offering. There
can be no assurance that Adverum Biotechnologies will be able to
complete the public offering on the anticipated terms, or at all.
Risks and uncertainties relating to Adverum Biotechnologies and its
business can be found under the heading “Risk Factors” in Adverum
Biotechnologies’ preliminary prospectus supplement related to the
proposed offering filed or to be filed with the SEC on February 10,
2020. Except as otherwise required by law, Adverum Biotechnologies
disclaims any intention or obligation to update or revise any
forward-looking statements, which speak only as of the date hereof,
whether as a result of new information, future events or
circumstances or otherwise.
INVESTOR & MEDIA CONTACTS:
Investors:
Myesha Lacy
Adverum Biotechnologies, Inc.
mlacy@adverum.com
1-650-304-3892
Media:
Cherilyn Cecchini, M.D.
LifeSci Communications
ccecchini@lifescicomms.com
1-646-876-5196
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