- AlloVir ( NASDAQ: ALVR ) shares gained over 8% pre-market on Wednesday after the immunotherapy company announced a $126.6M securities offering.
- The firm entered into a securities purchase agreement with a group of institutional and strategic investors to sell ~25.46M shares of common stock at a purchase price of $4.61/share.
- Gross proceeds will be ~$126.6M, with the offering expected to close on or about July 28, 2022.
- Net proceeds, together with existing cash, cash equivalents and investments, will be used to complete enrollment and achieve data readouts in all three of the company’s ongoing Phase 3 trials of its lead multi-virus specific T-cell therapy candidate, posoleucel, for the continued advancement of manufacturing processes to support regulatory submissions, for other research and development activities for its product candidates, and for general corporate purposes.
- As of June 30, 2022, AlloVir's ( ALVR ) cash, cash equivalents and short-term investments stood at $172.7M.
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AlloVir stock surges on $126.6M securities offering