Adverum Biotechnologies Announces $200 Million Public Offering of Common Stock
August 11 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 $200 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, SVB Leerink
LLC and Piper Sandler & Co. are acting as joint book-running
managers 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; 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;
or Piper Sandler & Co., Attn: Prospectus Department, 800
Nicollet Mall, J12S03, Minneapolis, Minnesota 55402, by telephone
at (800) 747-3924 or by email at prospectus@psc.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. 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 August 11,
2020 and under the caption “Risk Factors” in Adverum
Biotechnologies’ Quarterly Report on Form 10-Q filed with the SEC
on August 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 CONTACT:
Investors:Myesha LacyAdverum Biotechnologies,
Inc.mlacy@adverum.com1-650-304-3892
Media:Cherilyn Cecchini, M.D.LifeSci
Communicationsccecchini@lifescicomms.com1-646-876-5196
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