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AVROBIO anticipates USD100m from public offering of common stock.

M2 PHARMA-February 13, 2020-AVROBIO anticipates USD100m from public offering of common stock


Gene therapy company AVROBIO Inc (NASDAQ:AVRO) said on Wednesday that it has priced its public offering of 4,350,000 shares of common stock.

The company issued the shares at the public offering price of USD23.00 per share for gross proceeds of approximately USD100m, before deducting underwriting discounts and commissions and other offering expenses.

AVROBIO has provided the underwriters with a 30-day option to purchase up to 652,500 additional shares of its common stock at the public offering price, less underwriting discounts and commissions.

Net proceeds from the offering, with existing cash resources, are planned to be used by the company for its current programmes in Fabry disease, cystinosis, Gaucher disease and Pompe disease, external and internal manufacturing and process development activities, research and development activities, as well as planned general and administrative expenses, working capital and other general corporate purposes.

The offering is expected to close on or about 18 February 2020, subject to customary closing conditions. Morgan Stanley, Cowen, Wells Fargo Securities and Guggenheim Securities are the joint book-running managers. Wedbush PacGrow and Nomura are the co-managers.

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Publication:M2 Pharma
Date:Feb 13, 2020
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