AVROBIO, Inc (AVRO) Prices 4.35M Share Common Offering at $23/Sh

AVROBIO, Inc. (NASDAQ: AVRO), a leading clinical-stage gene therapy company, today announced the pricing of an underwritten public offering of 4,350,000 shares of its common stock at a public offering price of $23.00 per share. Gross proceeds from the underwritten public offering will total approximately $100 million, before deducting underwriting discounts and commissions and other offering expenses payable by the company. In addition, the company has granted the underwriters a 30-day option to purchase up to 652,500 additional shares of its common stock at the public offering price, less underwriting discounts and commissions. All of the shares in the offering are to be sold by the company. The offering is expected to close on or about Feb. 18, 2020, subject to customary closing conditions.

Morgan Stanley, Cowen, Wells Fargo Securities and Guggenheim Securities are acting as joint book-running managers for the offering, and Wedbush PacGrow and Nomura are acting as co-managers.

AVROBIO intends to use the net proceeds from the offering, in addition to its existing cash resources, to fund its current programs in Fabry disease, cystinosis, Gaucher disease, and Pompe disease, fund external and internal manufacturing and process development activities and fund research and development activities that relate to its current and future clinical and preclinical activities, including the cost of research and development personnel. The company intends to use the remainder for planned general and administrative expenses, working capital and other general corporate purposes.

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