Gross proceeds from the offering will equal approximately $126.6 million. The offering is expected to close on or about July 28, 2022, subject to the satisfaction of customary closing conditions.
The offering includes participation from new and existing investors, including Kite, a Gilead Company; F2 Ventures; ElevateBio, LLC; Invus; Redmile Group, LLC; EcoR1 Capital, LLC; and GMT Capital Corp.
“We are thrilled with the quality of the new and existing long-term investors who through this financing continue to support the acceleration of AlloVir’s highly innovative multi-virus specific T-cell therapy platform and the advancement of our lead cell therapy candidate, posoleucel. The additional proceeds will enable the completion of our three ongoing global Phase 3 registrational trials of posoleucel for the treatment and prevention of serious and life-threatening infections caused by six devastating viruses in immunocompromised patients,” said Diana Brainard, CEO of AlloVir.
Using the funds
AlloVir intends to use the net proceeds from the offering, together with existing cash, cash equivalents and investments, to complete enrollment and achieve data readouts in all three of the company’s ongoing phase 3 trials of its lead multi-virus specific T-cell therapy candidate, posoleucel, for the continued advancement of manufacturing processes to support regulatory submissions, for other research and development activities for its product candidates, and for general corporate purposes.
As of June 30, 2022, AlloVir’s cash, cash equivalents and short-term investments equaled $172.7 million.
AlloVir is a late clinical-stage cell therapy company with a focus on restoring natural immunity against life-threatening viral diseases in pediatric and adult patients with weakened immune systems.
The company’s technology platforms leverage off-the-shelf, allogeneic, single- and multi-virus-specific T-cells for patients with T-cell deficiencies who are at risk from the life-threatening consequences of viral diseases.
AlloVir’s technology and manufacturing process enable the potential for the treatment and prevention of a spectrum of devastating viruses with each single allogeneic cell therapy. The company is advancing multiple mid- and late-stage clinical trials across its product portfolio.