Aerovate Therapeutics Announces Closing of Initial Public Offering with Exercise in Full of the Underwriters’ Option to Pur...
03 July 2021 - 6:01AM
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 closing of its upsized
initial public offering of 9,984,463 shares of common stock,
including the exercise in full by the underwriters of their option
to purchase up to 1,302,321 additional shares of common stock, at a
public offering price of $14.00 per share. The aggregate gross
proceeds from the offering, before deducting underwriting discounts
and commissions and other estimated offering expenses payable by
Aerovate, were approximately $139.8 million. All of the shares in
the offering were sold by Aerovate.
Jefferies LLC, Cowen and Company, LLC, and
Evercore Group L.L.C. acted as joint book-running managers for the
offering. Wedbush Securities Inc. acted 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 was
made only by means of a written prospectus. Copies of the final
prospectus 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.
Contact:
Julio Cantre
Info@aerovatetx.com
202.930.4762
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