AVROBIO Completes Sale of Cystinosis Gene Therapy Program for $87.5 Million
2023年6月12日 - 8:00PM
ビジネスワイヤ(英語)
All-cash transaction, full $87.5 million paid
at closing
Proceeds expected to extend cash runway into Q4
2024
AVROBIO, Inc. (Nasdaq: AVRO), a leading clinical-stage gene
therapy company working to free people from a lifetime of genetic
disease, today announced the closing of the previously announced
agreement to sell its investigational hematopoietic stem cell (HSC)
gene therapy program for cystinosis to Novartis for $87.5 million
in cash.
AVROBIO retains full rights to its portfolio of first-in-class
HSC gene therapies for Gaucher disease type 1 and type 3, Hunter
syndrome and Pompe disease. Proceeds from this transaction are
expected to extend the Company’s cash runway into the fourth
quarter of 2024.
TD Cowen and Wells Fargo Securities, LLC acted as financial
advisors to AVROBIO in the transaction.
About AVROBIO Our vision is to bring personalized gene
therapy to the world. We target the root cause of genetic disease
by introducing a functional copy of the affected gene into
patients’ own hematopoietic stem cells (HSCs), with the goal of
durably expressing the therapeutic protein throughout the body,
including the central nervous system. Our first-in-class pipeline
includes clinical programs for Gaucher disease and Hunter syndrome,
as well as a preclinical program for Pompe disease. Our proprietary
plato® gene therapy platform is scalable for planned global
commercialization. We are headquartered in Cambridge, Mass. For
additional information, visit avrobio.com, and follow us on Twitter
and LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements,
including statements made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. These
statements may be identified by forward-looking terminology such as
“aims,” “anticipates,” “believes,” “continue,” “could,” “designed
to,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,”
“plans,” “possible,” “potential,” “predicts,” “projects,” “seeks,”
“strives,” “should,” “will,” and similar expressions or the
negative of these terms. These forward-looking statements include,
without limitation, statements regarding our business strategy for
and the potential therapeutic benefits of our current and
prospective preclinical and clinical product candidates, statements
regarding our financial and cash position and expected cash runway
following the closing of the sale of our cystinosis program to
Novartis. Any such statements in this press release that are not
statements of historical fact may be deemed to be forward-looking
statements. Results in preclinical or early-stage clinical trials
may not be indicative of results from later stage or larger scale
clinical trials and do not ensure regulatory approval. You should
not place undue reliance on these statements, or the scientific
data presented.
Any forward-looking statements in this press release are based
on AVROBIO’s current expectations, estimates and projections about
our industry as well as management’s current beliefs and
expectations of future events only as of today and are subject to a
number of risks and uncertainties that could cause actual results
to differ materially and adversely from those set forth in or
implied by such forward-looking statements. These risks and
uncertainties include, but are not limited to, the risk that we may
not realize the intended benefits of the sale of our cystinosis
program to Novartis, the risk that any one or more of AVROBIO’s
product candidates will not be successfully developed or
commercialized, the risk of cessation or delay of any ongoing or
planned clinical trials of AVROBIO or our collaborators, the risk
that AVROBIO may not successfully recruit or enroll a sufficient
number of patients for our clinical trials, the risk that AVROBIO
may not realize the intended benefits of our gene therapy platform,
including the features of our plato® platform, the risk that our
product candidates or procedures in connection with the
administration thereof will not have the safety or efficacy profile
that we anticipate, the risk that prior results, such as signals of
safety, activity or durability of effect, observed from preclinical
or clinical trials, will not be replicated or will not continue in
ongoing or future studies or trials involving AVROBIO’s product
candidates, the risk that we will be unable to obtain and maintain
regulatory approval for our product candidates, the risk that we
may be unable to realize the potential benefits associated with
rare pediatric disease designation, the Innovative Licensing and
Access Pathway, or any other regulatory strategy, the risk that the
size and growth potential of the market for our product candidates
will not materialize as expected, risks associated with our
dependence on third-party suppliers and manufacturers, including
sole source suppliers, risks regarding the accuracy of our
estimates of expenses and future revenue, risks relating to our
capital requirements, needs for additional financing, and ability
to continue as a going concern including the risk that additional
funding may not be available on acceptable terms or at all and that
failure to obtain capital when needed may force us to delay, limit
or terminate our product development efforts or other operations,
risks relating to our identification and pursuit of any strategic
opportunities with respect to one or more of our programs, our
technology or our plato® platform, risks relating to clinical trial
and business interruptions resulting from the COVID-19 outbreak or
similar public health crises, including that such interruptions may
materially delay our enrollment and development timelines and/or
increase our development costs or that data collection efforts may
be impaired or otherwise impacted by such crises, and risks
relating to our ability to obtain and maintain intellectual
property protection for our product candidates. For a discussion of
these and other risks and uncertainties, and other important
factors, any of which could cause AVROBIO’s actual results to
differ materially and adversely from those contained in the
forward-looking statements, see the section entitled “Risk Factors”
in AVROBIO’s most recent Annual or Quarterly Report, as well as
discussions of potential risks, uncertainties and other important
factors in AVROBIO’s subsequent filings with the Securities and
Exchange Commission. AVROBIO explicitly disclaims any obligation to
update any forward-looking statements except to the extent required
by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230612005105/en/
Investor Contact: Christopher F. Brinzey Westwicke, an
ICR Company 339-970-2843 chris.brinzey@westwicke.com
Media Contact: Kit Rodophele Ten Bridge Communications
617-999-9620 krodophele@tenbridgecommunications.com
AVROBIO (NASDAQ:AVRO)
過去 株価チャート
から 4 2024 まで 5 2024
AVROBIO (NASDAQ:AVRO)
過去 株価チャート
から 5 2023 まで 5 2024