Adverum Biotechnologies Announces $127.5 Million Private Placement Financing

Core Viewpoint - Adverum Biotechnologies, Inc. has announced a private placement of approximately 106.25 million shares at a price of $1.20 per share, aiming to raise approximately $127.5 million to fund its operations into late 2025 [2][3]. Financing Details - The financing is led by TCGX with participation from various investors including 5AM Ventures, Commodore Capital, Frazier Life Sciences, Logos Capital, Samsara BioCapital, Venrock Healthcare Capital Partners, and Vivo Capital, along with two large investment management firms [1][3]. - Certain investors are purchasing pre-funded warrants at a price of $1.1999 per share, which is equivalent to the common stock price minus the exercise price of the warrants [3]. Use of Proceeds - The gross proceeds from the private placement, combined with existing cash and marketable securities, are expected to be sufficient to fund the company's current operating plan into late 2025 [1][3]. Company Overview - Adverum Biotechnologies is a clinical-stage company focused on establishing gene therapy as a new standard of care for prevalent ocular diseases, aiming to develop functional cures to restore vision and prevent blindness [5]. - The company is developing a gene therapy candidate, ixoberogene soroparvovec (Ixo-vec), intended as a one-time intravitreal injection for patients with neovascular or wet age-related macular degeneration [5].