18 July 2019 - - US-based Phase 2 clinical-stage gene therapy company Avrobio, Inc. (NASDAQ: AVRO) has priced an underwritten public offering of 6.5m shares of its common stock at a public offering price of USD 18.50 per share, the company said.
Gross proceeds from the underwritten public offering totaled approximately USD 120.25 m, 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 and 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 programmes 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.
Avrobio, Inc., is a Phase 2 clinical-stage gene therapy company. Avrobio is focused on the development of its investigational gene therapy, AVR-RD-01, in Fabry disease, as well as additional gene therapy programs in other lysosomal storage disorders including Gaucher disease, cystinosis and Pompe disease.