AVROBIO Announces Pricing of Underwritten Public Offering of $75 Million of Common Stock
AVROBIO, Inc. (NASDAQ: AVRO), a leading clinical-stage gene therapy company, today announced the pricing of an underwritten public offering of 5,000,000 shares of its common stock at a public offering price of $15.00 per share. Gross proceeds from the underwritten public offering will total approximately $75 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 750,000 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 Nov. 24, 2020, subject to customary closing conditions.
Morgan Stanley, Cowen, Wells Fargo Securities and Barclays are acting as joint book-running managers for the offering, and Wedbush PacGrow is acting as co-manager.
AVROBIO intends to use the net proceeds from the offering, in addition to its existing cash resources, to fund its current programs in Fabry disease, cystinosis, Gaucher disease type 1, Hunter syndrome, Pompe disease and Gaucher disease type 3, fund external and internal manufacturing and process development activities and fund research and development activities that relate to its current and future clinical and preclinical activities, including the cost of research and development personnel. The company intends to use 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. 333-235641), 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 Nov. 19, 2020, 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 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.