Acrivon Therapeutics Announces Pricing of Initial Public Offering
15 November 2022 - 2:16PM
Acrivon Therapeutics, Inc. (“Acrivon” or “Acrivon Therapeutics”)
(Nasdaq: ACRV), a clinical stage biopharmaceutical company
developing precision oncology medicines that it matches to patients
whose tumors are predicted to be sensitive to each specific
medicine by utilizing its proprietary proteomics-based patient
responder identification platform, today announced the pricing of
its initial public offering of 7,550,000 shares of common stock at
a public offering price of $12.50 per share. In addition, Acrivon
has granted the underwriters a 30-day option to purchase up to an
additional 1,132,500 shares of common stock at the initial public
offering price, less underwriting discounts and commissions. In
addition to the shares sold in the initial public offering, Acrivon
announced a concurrent sale of 400,000 shares of common stock at
the public offering price per share in a private placement to
Chione Limited, an existing stockholder of Acrivon. The sale of the
shares of common stock in the private placement will not be
registered under the Securities Act of 1933, as amended. The gross
proceeds to Acrivon from the initial public offering and the
concurrent private placement, without giving effect to the
underwriters’ option to purchase additional shares and before
deducting underwriting discounts and commissions and offering
expenses, are expected to be approximately $99.4 million. All of
the shares of common stock are being offered by Acrivon.
Acrivon’s shares are expected to begin trading
on the Nasdaq Global Market on November 15, 2022 under the ticker
symbol “ACRV.” The offering is expected to close on November 17,
2022, subject to customary closing conditions.
Jefferies, Cowen and Piper Sandler are acting as
joint lead book-running managers for the offering.
A registration statement relating to the shares
being sold in this offering has been filed with the U.S. Securities
and Exchange Commission and was declared effective on November 9,
2022. The offering of the shares is being made only by means of a
prospectus forming part of the effective registration statement
relating to these shares. Copies of the final prospectus, when
available, may be obtained from Jefferies LLC, Attention: Equity
Syndicate Prospectus Department, 520 Madison Avenue, New York, NY
10022 or by emailing Prospectus_Department@Jefferies.com; Cowen and
Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island
Avenue, Edgewood, New York 11717, Attention: Prospectus Department,
email: PostSaleManualRequests@broadridge.com, telephone:
1-833-297-2926; or Piper Sandler & Co., Attention: Prospectus
Department, 800 Nicollet Mall, J12S03, Minneapolis, Minnesota
55402, or by telephone at (800) 747-3924, or by email at
prospectus@psc.com.
The concurrent private placement is also
scheduled to close on November 17, 2022, subject to the
satisfaction of customary closing conditions. The closing of
Acrivon’s initial public offering is not conditioned upon the
closing of the concurrent private placement, but the closing of the
concurrent private placement is conditioned upon the closing of the
initial public offering.
This press release shall not constitute an offer
to sell, or a solicitation of an offer to buy these securities, nor
shall there be any offer or sale of these securities in any state
or jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such state or jurisdiction.
About Acrivon Therapeutics
Acrivon is a clinical stage biopharmaceutical
company developing precision oncology medicines that it matches to
patients whose tumors are predicted to be sensitive to each
specific medicine by utilizing Acrivon’s proprietary
proteomics-based patient responder identification platform, Acrivon
Predictive Precision Proteomics, or AP3. The AP3 platform enables
the creation of drug-specific proprietary OncoSignature® companion
diagnostics that are used to identify the patients most likely to
benefit from Acrivon’s drug candidates. Acrivon is currently
advancing its lead candidate, ACR-368, a selective small molecule
inhibitor targeting CHK1 and CHK2 in a potentially registrational
Phase 2 trial across multiple tumor types. Acrivon’s ACR-368
OncoSignature® test, which has not yet obtained regulatory
approval, has been extensively evaluated in preclinical studies,
including in two separate, blinded, prospectively-designed studies
on pretreatment tumor biopsies collected from past third party
Phase 2 trials in patients with ovarian cancer treated with
ACR-368. In addition to ACR-368, Acrivon is also developing its
internally-discovered preclinical stage pipeline programs targeting
critical nodes in the DNA Damage Response, or DDR, including WEE1
and PKMYT1.
Forward-Looking Statements
This press release includes certain disclosures
that contain “forward-looking statements,” including, without
limitation, statements regarding Acrivon’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 Acrivon’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” in the final prospectus
related to the offering to be filed with the Securities and
Exchange Commission. Forward-looking statements contained in this
press release are made as of this date, and Acrivon undertakes no
duty to update such information except as required under applicable
law.
Investor Contact:
Alexandra Santos
asantos@wheelhouselsa.com
Aljanae Reynolds
areynolds@wheelhouselsa.com
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