ADVM - Why Adverum Biotechnologies Stock Is Trading Higher | Benzinga
Adverum Biotechnologies, Inc. (NASDAQ:ADVM) shares are trading higher Monday after the company announced that it has agreed to sell approximately 106.25 million shares in a $127.5 million private placement.
The Details:
Adverum will sell the shares at a price per share of $1.20, representing a premium of approximately 20% to its stock’s 30-day volume-weighted average price, and the financing is expected to close on Feb. 8.
Adverum anticipates the gross proceeds from the private placement to be approximately $127.5 million, before deducting any offering related expenses and are expected to be sufficient to fund the current operating plan into late 2025.
Also, on Feb. 8 Adverum will host a webcast to review preliminary efficacy and safety data from its ongoing LUNA Phase 2 study of ixoberogene soroparvovec for the ...