Adverum Biotechnologies Announces $200 Million Public Offering of Common Stock

Rhea-AI Summary

Adverum Biotechnologies (Nasdaq: ADVM) has launched a public offering of $200 million of its common stock, with a potential additional 15% available to underwriters. The offering, conducted by Goldman Sachs, Cowen, SVB Leerink, and Piper Sandler, is subject to market conditions. This follows a previous shelf registration statement filed with the SEC in August 2019. The final terms will be disclosed in a subsequent prospectus. The company is focusing on addressing unmet medical needs in ocular and rare diseases.

Positive

• The offering aims to raise $200 million, potentially enhancing capital for growth initiatives.
• The company targets unmet medical needs in ocular and rare diseases, indicating a strong market focus.

Negative

• The offering may lead to shareholder dilution if new shares are issued.
• Completion of the offering is uncertain and subject to market conditions, posing risks to investors.

REDWOOD CITY, Calif., Aug. 11, 2020 (GLOBE NEWSWIRE) -- 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 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

FAQ

What is the purpose of Adverum Biotechnologies' $200 million public offering?

The offering aims to raise capital for growth initiatives targeting unmet medical needs in ocular and rare diseases.

When was the public offering by Adverum Biotechnologies announced?

The public offering was announced on August 11, 2020.

What are the risks associated with Adverum's stock offering?

The offering may lead to shareholder dilution and is subject to market conditions, creating uncertainty for investors.

Who are the underwriters for the Adverum Biotechnologies stock offering?

Goldman Sachs, Cowen, SVB Leerink, and Piper Sandler are acting as joint book-running managers.