Aerovate Therapeutics Announces Pricing of Upsized Initial Public Offering
June 29 2021 - 10:59PM
Aerovate Therapeutics, Inc. (Nasdaq: AVTE), a clinical stage
biopharmaceutical company focused on developing drugs that
meaningfully improve the lives of patients with rare
cardiopulmonary disease, today announced the pricing of its upsized
initial public offering of 8,682,142 shares of common stock at a
public offering price of $14.00 per share, before underwriting
discounts and commissions. In addition, Aerovate has granted the
underwriters a 30-day option to purchase up to an additional
1,302,321 shares of common stock at the initial public offering
price per share, less the underwriting discounts and commissions.
All of the shares are being offered by Aerovate. The gross proceeds
of the offering, before deducting underwriting discounts and
commissions, and other offering expenses payable by Aerovate, are
expected to be approximately $121.5 million, excluding any exercise
of the underwriters’ option to purchase additional shares.
The shares are expected to begin trading on the
Nasdaq Global Market on June 30, 2021 under the ticker symbol
“AVTE.” The offering is expected to close on July 2, 2021, subject
to the satisfaction of customary closing conditions.
Jefferies LLC, Cowen and Company LLC, and
Evercore Group L.L.C. are acting as joint book-running managers for
the offering. Wedbush Securities Inc. is acting as a lead manager
for the proposed offering.
A registration statement relating to these
securities was filed with the Securities and Exchange Commission
(“SEC”) and became effective on June 29, 2021. The offering is
being made only by means of a written prospectus. Copies of the
final prospectus, when available, may be obtained from: Jefferies
LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison
Avenue, 2nd Floor, New York, NY 10022, or by telephone at
877-821-7388 or by email at Prospectus_Department@Jefferies.com;
Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, NY 11717, Attn: Prospectus
Department, or by telephone at 833-297-2926 or by email at
PostSaleManualRequests@broadridge.com; or Evercore Group L.L.C.,
Attention: Equity Capital Markets, 55 East 52nd Street, 36th Floor,
New York, NY 10055, or by telephone at 888-474-0200, or by email at
ecm.prospectus@evercore.com.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy, nor will there be
any sale of these securities in any state, province, territory or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state, province, territory or
jurisdiction.
About Aerovate Therapeutics,
Inc.Aerovate is a clinical stage biopharmaceutical company
focused on developing drugs that meaningfully improve the lives of
patients with rare cardiopulmonary disease. Aerovate's initial
focus is on advancing AV-101, its dry powder inhaled formulation of
the drug imatinib for the treatment of pulmonary arterial
hypertension, or PAH.
Forward-Looking StatementsThis
press release includes certain disclosures that contain
“forward-looking statements,” including, without limitation,
statements regarding Aerovate’s expectations regarding the
commencement of trading of its shares on the Nasdaq Global Market,
the completion and timing of the closing of the offering and the
anticipated gross proceeds from the offering. Forward-looking
statements are based on Aerovate’s current expectations and are
subject to inherent uncertainties, risks and assumptions that are
difficult to predict. Factors that could cause actual results to
differ include, but are not limited to, risks and uncertainties
related to the satisfaction of customary closing conditions and the
completion of the offering, and the risks inherent in
biopharmaceutical product development and clinical trials. These
and other risks and uncertainties are described more fully in the
section titled “Risk Factors” set forth in Aerovate’s filings with
the Securities and Exchange Commission. Forward-looking statements
contained in this announcement are made as of this date, and
Aerovate undertakes no duty to update such information except as
required under applicable law.
Contact:
Julio Cantre
Info@aerovatetx.com
202.930.4762
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