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Avalanche Biotechnologies, Inc. (Nasdaq:AAVL), a clinical-stage biotechnology company focused on discovering and developing novel gene therapies to transform the lives of patients with sight-threatening ophthalmic diseases, today announced that it filed a registration statement on Form S-1/A with the Securities and Exchange Commission relating to a proposed public offering of 2,000,000 shares of its common stock.
This follow-on offering is expected to consist of 1,762,500 shares to be offered by Avalanche and 237,500 shares to be offered by existing stockholders. In addition, the underwriters have been granted a 30-day option to purchase up to an additional 300,000 shares from the selling shareholders and Avalanche. Avalanche will not receive any proceeds from the sale of the shares by the selling stockholders. As part of the underwriting process, all selling stockholders, as well as all officers and directors, have agreed to lock-up agreements for a period of 90 days following the follow-on offering.
Jefferies LLC, Cowen and Company, LLC and Piper Jaffray & Co. are acting as joint book-running managers and William Blair & Company, L.L.C. is acting as co-manager for the follow-on offering.
In connection with the follow-on offering, Jefferies LLC and Cowen and Company, LLC, acting as representatives of the several underwriters of Avalanche’s initial public offering in August 2014, are releasing a lock-up restriction with respect to certain shares of Avalanche’s common stock that may be sold by certain principal stockholders, officers and directors of Avalanche.
The release will take effect concurrently with the execution of the underwriting agreement in connection with Avalanche’s follow-on offering and the shares may be sold only in connection with such offering. Except for the sale pursuant to such registered follow-on offering, the lock-up restrictions shall remain in full force and effect. For further information with respect to the shares that may be sold by principal stockholders, officers and directors of Avalanche, you may access the registration statement on Form S-1/A through the SEC’s website at edgar.sec.gov.
Although a registration statement relating to these securities has been filed with the Securities and Exchange Commission, it has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.
