AVROBIO Announces Closing of Underwritten Public Offering

AVROBIO, Inc. (NASDAQ: AVRO), a leading clinical-stage gene therapy company, today announced the closing of its previously announced underwritten public offering of 5,000,000 shares of its common stock. The aggregate gross proceeds to the company from the offering, before deducting underwriting discounts and commission and estimated offering expenses, totaled $75 million. As previously announced, 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.

Morgan Stanley, Cowen, Wells Fargo Securities and Barclays acted as joint book-running managers for the offering, and Wedbush PacGrow acted 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 above 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 final prospectus supplement related to the offering was filed with the Securities and Exchange Commission (SEC) on November 20, 2020 and is available on the SEC’s website at www.sec.gov. 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, 2^nd 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 [e-mail] or by telephone at [phone].