Adverum Biotechnologies, Inc. announced a private placement of 106,250,000 common shares at a price of $1.20 per share for the gross proceeds of $127,500,000 on February 5, 2024. The transaction will include participation from new and returning investors, Frazier Life Sciences Management, LP, 5AM Venture Management, LLC, Logos Capital Management, LLC, Vivo Capital, LLC, Samsara BioCapital LLC, Venrock Healthcare Capital Partners Fund, L.P., a fund managed by, VR Adviser, LLC, Commodore Capital LP and other investors. The transaction is expected to close on February 8, 2024.

In lieu of shares of common stock, certain investors are purchasing pre-funded warrants at a purchase price of $1.1999 per share, which equals the purchase price per share of common stock, less the $0.0001 per share exercise price of each pre-funded warrant.