Indication intelligence, analysis and sector perception

RegMed Investors (RMi): Adverum Biotechnologies (ADVM) 106.25 M Share Private Placement priced at $1.20

February 5, 2024 10:19am

Raises $127.5 M, Pro forma cash and investments expected to fund current operating plan into late 2025

ADVM jumps +29.9% or +$0.42 to $1.85 <so far and fluctuating from $2.05>

Good news – venture firms are stepping up in public companies

ADVM sold approximately 106.25 million shares of its common stock (or pre-funded warrants in lieu thereof) to a select group of institutional and accredited healthcare specialist investors in a private placement, at a price per share of $1.20, representing a premium of approximately 20% to ADVM’s 30-day volume-weighted average price.

The financing is expected to close on February 8, 2024, subject to customary closing conditions.

The gross proceeds from the private placement to be approximately $127.5 million, before deducting any offering related expenses.

Financing led by TCGX with participation from new and existing investors including 5AM Ventures, Commodore Capital, Frazier Life Sciences, Logos Capital, Samsara BioCapital, Venrock Healthcare Capital Partners and Vivo Capital, as well two large investment management firms.

TD Cowen and Truist Securities acted as placement agents on the offering.

Some stats:

52-week range: low of $0.61 to high of $2.34

Outstanding shares: 101.03 M

Float: 77.4 M

Short % of Float:1.66%

Held by Institutions: 66.07%

Insiders: 1.84%

35 companies, 1 interpreter!

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Editor and Publisher ... Henry McCusker enters his tenth (10th) year at RegMed Investors with past experience in sell-side analysis, buy-side management, corporate management and due diligence.

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