17 July 2019 - - US-based Phase 2 clinical-stage gene therapy company Avrobio, Inc. (NASDAQ: AVRO) plans to offer and sell, subject to market and other conditions, USD 100m of its common stock in an underwritten public offering, the company said.
The company expects to grant the underwriters a 30-day option to purchase up to USD 15m of additional shares of its common stock offered in the public offering.
All of the shares in the proposed offering are to be sold by the company.
The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
Morgan Stanley and Cowen are acting as joint book-running managers for the offering.
The company plans to use the net proceeds from the offering, in addition to its existing cash resources, to fund the support of the company's current programmes 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.
The securities described may be offered pursuant to a shelf registration statement on form S-3 (File No. 333-232489), including a base prospectus.
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 programmes in other lysosomal storage disorders including Gaucher disease, cystinosis and Pompe disease.