By Daniel Webster, dWeb.News Publisher
| Source: Avalo Therapeutics
WAYNE, Pa. and ROCKVILLE, Md., Sept. 14, 2021 (GLOBE NEWSWIRE) — Avalo Therapeutics, Inc. (“Avalo” or the “Company”) (Nasdaq: AVTX), a leading clinical-stage precision medicine company that discovers, develops, and commercializes targeted therapeutics for patients with significant unmet clinical need in immunology, immuno-oncology, and rare genetic diseases, announced today that it has entered into an underwriting agreement with Jefferies LLC and RBC Capital Markets, LLC under which the underwriters agreed to purchase, on a firm commitment basis, 12,500,000 shares of common stock of the Company, at a public offering price of $2. 20 per share (the “Public Offering Price”). The offering is expected to close on or about September 17, 2021, subject to customary closing conditions.
Jefferies and RBC Capital Markets are acting as joint book-running managers for the offering.
The Company has also granted to the underwriters a 30-day option to purchase up to an additional 1,875,000 shares of common stock at the Public Offering Price to cover over-allotments in the sales of the shares of common stock, if any. The gross proceeds to Avalo from this offering, before deducting underwriting discounts and commissions and estimated offering expenses and excluding any exercise of the underwriters’ option to purchase additional shares of common stock, are expected to be approximately $27.5 million. Assuming the full exercise of the over-allotment option, total gross proceeds to Avalo would be approximately $31.6 million. Avalo plans to use the net proceeds from the offering for working capital as well as other corporate purposes.
Avalo is offering the common stock listed above pursuant to a shelf registration statement on Form S-3. (File No. 333-254000), previously filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 8, 2021 and declared effective by the SEC on March 19, 2021, and the accompanying prospectus contained therein. A prospectus, which includes a prospectus supplement and forming part of the effective registration statements, is required for the offering of common stock shares. The SEC will file a final prospectus supplement as well as the accompanying prospectus detailing the terms of the offering. Copies of the final prospectus supplement and the accompanying prospectus relating to this offering may be obtained on the SEC’s website at http://www.sec.gov or by contacting Jefferies LLC at 520 Madison Avenue, 2nd Floor, New York, NY 10022, Attention: Equity Syndicate Prospectus Department, by e-mail at email@example.com or by calling (877) 547-6340; and RBC Capital Markets, LLC, Attention: Equity Syndicate, 200 Vesey Street, 8th Floor, New York, NY 10281-8098 or by telephone at 877-822-4089 or by email at firstname.lastname@example.org.
Before investing in this offering, please read the prospectus supplement, the accompanying prospectus, and any other documents Avalo has filed with SEC. These documents provide additional information about Avalo as well as the prospectus supplement.
This press release does not constitute an offer or solicitation to purchase any shares of commonstock.
About Avalo Therapeutics
Avalo Therapeutics is a leading clinical-stage precision medicine company that discovers, develops, and commercializes targeted therapeutics for patients with significant unmet clinical need in immunology, immuno-oncology, and rare genetic diseases. The Company has a wide range of innovative therapies that can make a significant medical impact on patients who are in greatest need. To accelerate and increase the chances of success, clinical candidates from the Company often have a demonstrated mechanistic rationale, biomarkers, and/or an established proof of concept.
This press release may include forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Forward-looking statements refer to statements that are not historical facts. Forward-looking statements involve significant risks and uncertainties. Actual results could differ from those projected. Many factors are out of Avalo’s hands. These statements could include statements regarding Avalo’s plans and objectives, projections and expectations, as well as statements about Avalo’s future plans and goals. Actual results may differ from those projected or made. These statements are based upon the current beliefs and expectations of Avalo’s management but are subject to significant risks and uncertainties, including: drug development costs, timing and other risks, including reliance on investigators and enrollment of patients in clinical trials, which might be slowed by the COVID-19 pandemic; regulatory risks; Avalo’s cash position and the potential need for it to raise additional capital; general economic and market risks and uncertainties, including those caused by the COVID-19 pandemic; and those other risks detailed in Avalo’s filings with the SEC. Actual results could differ from the ones indicated in forward-looking statements. Avalo disclaims all obligations and undertakings to publicly update or revise any forward-looking statements.
For investor inquiries
Westwicke, an ICR Company
Schond L. Greenway
Chief Financial Officer
Avalo Therapeutics, Inc.
For media inquiries
Robert Stanislaro or Helen O’Gorman
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