February 6, 2024

REDWOOD CITY, Calif., Feb. 05, 2024 (GLOBE NEWSWIRE) — Adverum Biotechnologies, Inc. (Nasdaq: ADVM), a clinical-stage company that aims to establish gene therapy as a new standard of care for highly prevalent ocular diseases, today announced that it has agreed to sell 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 Adverum’s 30-day volume-weighted average price. The financing is expected to close on February 8, 2024, subject to customary closing conditions. Adverum anticipates the gross proceeds from the private placement to be approximately $127.5 million, before deducting any offering related expenses. FLG partner Linda Rubinstein assisted.

Full press release is here.