Adverum Biotechnologies Announces Pricing of Public Offering of Common Stock
February 11 2020 - 8:27PM
Adverum Biotechnologies, Inc. (Nasdaq:ADVM), a clinical-stage gene
therapy company targeting unmet medical needs in ocular and rare
diseases, today announced the pricing of its underwritten public
offering of 9,500,000 shares of its common stock at a public
offering price of $13.75 per share. The company has granted the
underwriters a 30-day option to purchase up to an additional
1,425,000 shares of its common stock offered in the public offering
at the public offering price, less discounts and commissions. All
of the shares in the offering are being sold by Adverum
Biotechnologies. Before deducting the underwriting discounts and
commissions and estimated offering expenses, Adverum expects to
receive total gross proceeds of approximately $130.6 million,
assuming no exercise of the underwriters’ option to purchase
additional shares. The offering is expected to close on or about
February 14, 2020, subject to satisfaction of customary closing
conditions.
Goldman Sachs & Co. LLC, Cowen and Company, LLC, and SVB
Leerink LLC, are acting as joint book-running managers for the
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 final
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 final 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.
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 completion of the proposed public offering. These
statements are subject to various risks and uncertainties, and
actual results could differ materially from those projected.
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 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 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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