Adverum Biotechnologies Raises $127.5 Million to Advance Gene Therapy Pipeline

Adverum Biotechnologies has agreed to sell approximately 106.25 million shares of its common stock at a price per share of $1.20 to institutional and accredited healthcare investors in a private placement. Adverum anticipates the gross proceeds from the private placement to be approximately $127.5 million. The proceeds from this financing, combined with current cash, cash equivalents and marketable securities, are expected to be sufficient to fund the current operating plan into late 2025, according to Adverum. 

Adverum is evaluating its novel gene therapy candidate, ixoberogene soroparvovec (Ixo-vec; formerly referred to as ADVM-022), as a one-time, IVT injection for patients with wet age-related macular degeneration (AMD).

The financing was 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 as two large investment management firms.