Adverum Biotechnologies Announces Closing of $69 Million Public Offering

Adverum Biotechnologies (Nasdaq:ADVM), a clinical-stage gene therapy company targeting unmet medical needs in serious rare and ocular diseases, today announced the closing of its previously announced underwritten public offering of its common stock.  Adverum Biotechnologies sold 10,222,235 shares of its common stock, including 1,333,335 shares pursuant to the full exercise of the underwriters’ option, at a price to the public of $6.75 per share.

As quoted in the press release:

The gross proceeds from this offering were $69.0 million, before deducting the underwriting discounts and commissions and estimated offering expenses payable by Adverum Biotechnologies.  All of the shares of common stock were offered by Adverum Biotechnologies.

Cowen and Piper Jaffray & Co. acted as joint book-running managers for the offering.  Raymond James acted as lead manager.

Click here to read the full press release.