AveXis Prices Public Offering of Common Stock

AveXis has priced an underwritten public offering of 3.575 million shares of its common stock, with net proceeds to the company, after deducting the underwriting discounts and commissions and estimated offering expenses payable by AveXis, are expected to be $234.5 million. Shares fell marginally in recent trading.

The offering is expected to close on or about June 26, subject to customary closing conditions. In addition, AveXis has granted the underwriters a 30-day option to purchase up to an additional 536,250 shares of common stock at the public offering price, less the underwriting discounts and commissions. The clinical-stage gene therapy company said it will use its existing cash and cash equivalents and the net proceeds of the offering to fund research and manufacturing activities, its planned clinical trials of AVXS-101 in SMA, including the U.S. and E.U. pivotal trials in SMA Type 1 and the Phase 1/2a trial in SMA Type 2, its preclinical studies and Phase 1 clinical trials of its programs in Rett syndrome and ALS, and for general corporate purposes and working capital.

By Garrett Hatch