AVROBIO to Explore Strategic Alternatives
12 July 2023 - 9:00PM
Business Wire
AVROBIO, Inc. (Nasdaq: AVRO), a leading clinical-stage gene
therapy company working to free people from a lifetime of genetic
disease, today announced that it has completed a review of its
business, including the status of its programs, resources, and
capabilities. AVROBIO has made the determination to halt further
development of its programs and to conduct a comprehensive
exploration of strategic alternatives focused on maximizing
shareholder value.
As part of this evaluation process, AVROBIO will explore
potential strategic alternatives that may include, but are not
limited to, an acquisition, merger, business combination, or other
transaction. There can be no assurance that its exploration will
result in AVROBIO pursuing a transaction or that any transaction,
if pursued, will be completed on attractive terms, if at all.
AVROBIO has not set a timetable for completion of this evaluation
process and does not intend to disclose further developments unless
and until it is determined that further disclosure is appropriate
or necessary.
Forward-Looking Statements
This press release contains forward-looking statements,
including statements made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. These
statements may be identified by forward-looking terminology such as
“aims,” “anticipates,” “believes,” “continue,” “could,” “designed
to,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,”
“plans,” “possible,” “potential,” “predicts,” “projects,” “seeks,”
“strives,” “should,” “will,” and similar expressions or the
negative of these terms. These forward-looking statements include,
without limitation, statements relating to our conducting a
comprehensive evaluation of strategic alternatives focused on
maximizing shareholder value; exploring potential strategic
alternatives that may include, but are not limited to, an
acquisition, merger, business combination, or other transaction and
the completion of such a review process. Any such statements in
this press release that are not statements of historical fact may
be deemed to be forward-looking statements.
Any forward-looking statements in this press release are based
on AVROBIO’s current expectations, estimates and projections about
our industry as well as management’s current beliefs and
expectations of future events only as of today and are subject to a
number of risks and uncertainties that could cause actual results
to differ materially and adversely from those set forth in or
implied by such forward-looking statements. These risks and
uncertainties include, but are not limited to, risks relating to
volatility and uncertainty in the capital markets for biotechnology
and gene therapy companies; availability of suitable third parties
with which to conduct contemplated strategic transactions; whether
we will be able to pursue a strategic transaction, or whether any
transaction, if pursued, will be completed on attractive terms or
at all; and whether our cash resources will be sufficient to fund
our foreseeable and unforeseeable operating expenses and capital
requirements. For a discussion of these and other risks and
uncertainties, and other important factors, any of which could
cause AVROBIO’s actual results to differ materially and adversely
from those contained in the forward-looking statements, see the
section entitled “Risk Factors” in AVROBIO’s most recent Annual or
Quarterly Report, as well as discussions of potential risks,
uncertainties and other important factors in AVROBIO’s subsequent
filings with the Securities and Exchange Commission. AVROBIO
explicitly disclaims any obligation to update any forward-looking
statements except to the extent required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230712243011/en/
Investor Contact: Christopher F. Brinzey Westwicke, an
ICR Company 339-970-2843 chris.brinzey@westwicke.com
Media Contact: Kit Rodophele Ten Bridge Communications
617-999-9620 krodophele@tenbridgecommunications.com
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