AVROBIO, Inc. (NASDAQ: AVRO) (the “Company”), a Phase 2 clinical-stage gene therapy company, today announced the pricing of an underwritten public offering of 6,500,000 shares of its common stock at a public offering price of $18.50 per share. Gross proceeds from the underwritten public offering totaled approximately $120.25 million, before deducting underwriting discounts and commissions and other offering expenses payable by the Company. In addition, the Company has granted the underwriters a 30-day option to purchase up to 975,000 additional shares of its common stock at the public offering price, less underwriting discounts and commissions. All of the shares in the offering are to be sold by the Company. The offering is expected to close on or about July 19, 2019, subject to customary closing conditions.
Morgan Stanley, Cowen and Wells Fargo Securities are acting as joint book-running managers for the offering, Guggenheim Securities is acting as lead manager, and Wedbush PacGrow and H.C. Wainwright & Co. are acting as co-managers.
The Company intends to use the net proceeds from the offering, in addition to its existing cash resources, to fund the support of the Company’s current programs in Fabry disease, Gaucher disease, cystinosis and Pompe disease, fund external and internal manufacturing and process development activities related to the Company’s programs and to fund research and development activities that relate to all of the Company’s clinical and preclinical activities, including the cost of research and development personnel, and the remainder for planned general and administrative expenses, working capital and other general corporate purposes.
The securities described were offered pursuant to a shelf registration statement on Form S-3 (File No. 333-232489), including a base prospectus. The securities were offered only by means of a prospectus. A preliminary prospectus supplement related to the offering was filed with the Securities and Exchange Commission (SEC) on July 16, 2019 and is available on the SEC’s website at www.sec.gov. A final prospectus supplement will be filed with the SEC. Copies of the final prospectus supplement and the accompanying prospectus relating to the securities being offered may also be obtained by contacting: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014 or Cowen and Company, LLC, Attention: Prospectus Department, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (631) 274-2806.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. – Bio Space