Adverum Biotechnologies Inc., of Redwood City, Calif., said it priced its underwritten public offering of 14.5 million shares at $13 each. The underwriters have been granted a 30-day option to purchase up to an additional 2.175 million shares, and the gene therapy company expects the gross proceeds from the offering will be approximately $188.5 million, assuming no exercise of the underwriters’ option to purchase additional shares. Shares of Adverum (NASDAQ:ADVM) closed Aug. 13 at $12.51, down $2.39.
Bone Therapeutics SA, of Gosselies, Belgium, said it has been granted €1 million (US$1.18 million) in nondilutive funding from the Directorate-General for Economy, Employment and Research of the Walloon Region, Belgium. The funding will provide further financial support, in addition to a recent financing, to advance its current pivotal phase III study that is evaluating the potential of a single, intra-articular injection of JTA-004 to reduce osteoarthritic pain in the knee compared to placebo or Hylan G-F 20, the current osteoarthritis treatment on the market. The company expects to complete patient enrollment before the end of the year and anticipates reporting top-line results on the three-month primary endpoint and six-month follow-up period in the second half of 2021.
Organicell Regenerative Medicine Inc., of Miami, said it completed an initial capital raise from Retrograde Investments LLC, and the proceeds will be used to fund the costs associated with bringing current all financial audits and filings and maintaining SEC compliance, as well as to help support the company’s initial clinical trials for its prospective COVID-19 therapeutic treatment.
Seres Therapeutics Inc., of Cambridge, Mass., said it priced an underwritten public offering of 10.5 million shares at $21.50 each, and has granted the underwriters a 30-day option to purchase up to an additional 1.575 million shares. The gross proceeds from the offering, together with the gross proceeds from a registered offering of 959,002 shares of common stock to Société des Produits Nestlé SA, are expected to be approximately $245.7 million, excluding any exercise of the underwriters’ option to purchase additional shares. The net proceeds, in addition to its existing cash resources, will be used to advance the clinical development of its product candidates, for commercialization and manufacturing activities and for other general corporate and working capital purposes. Shares of Seres (NASDAQ:MCRB) closed Aug. 13 at $28.58, up $5.02.