Adverum Biotechnologies Has Agreed To Sell Approximately 106.25M Shares In A Private Placement At $1.20/Share With Gross Proceeds Of Approximately $127.5M; Pro Forma Cash And Investments Expected To Fund Current Operating Plan Into Late 2025
Portfolio Pulse from Benzinga Newsdesk
Adverum Biotechnologies has entered into an agreement for a private placement of approximately 106.25 million shares at $1.20 per share, resulting in gross proceeds of about $127.5 million. This capital infusion is expected to extend the company's operating runway into late 2025.
February 05, 2024 | 12:48 pm
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Adverum Biotechnologies' private placement deal of 106.25M shares at $1.20 each for $127.5M is expected to significantly extend its financial runway into late 2025.
The private placement deal directly impacts Adverum Biotechnologies by providing a substantial cash infusion. This financial boost is critical for the company's continued operations and development projects, likely leading to a positive investor sentiment in the short term. The assurance of funding into late 2025 reduces immediate financial risk, potentially making the stock more attractive to investors.
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