AveXis Incorporated expects to raise $76.5 million in its upcoming IPO. Based in Bannockburn, Illinois, AveXis (NASDAQ: AVXS) is a clinical-stage gene therapy company that is developing novel treatments for patients suffering from rare neurological genetic diseases.
We previewed AVXS on our IPO Insights Platform, which includes deals on deck and real-time alerts. We also highlight opportunities to buy and short newly public companies at their IPO quiet period and lockup period expirations.
AVXS will offer 4.25 million shares at an expected price range of $19 to $21.
AVXS filed for the IPO on January 15, 2016.
Lead Underwriters: Goldman Sachs and Jeffries LLC
Underwriters: BMO Capital Markets and Chardan Capital Markets
business Summary: Clinical-stage Gene Therapy Company Developing Treatments for Rare Neurological Diseases
AveXis is a clinical-stage pharmaceutical company that engages in developing and selling novel treatments for patients suffering from rare, life-threatening neurological diseases. Its initial product candidate is AVXS-101, which is currently in Phase 1 clinical trials for treating spinal muscular atrophy type 1. The proprietary gene therapy candidate has been granted orphan drug designation for treating all types of spinal muscular atrophy and Fast Track designation for treating SMA Type 1, which the company notes is one of the most life-threatening neurological genetic disorders.
The company intends to use the proceeds of the initial public offering to fund the ongoing Phase 1 trial and future clinical trials, fund manufacturing capabilities, and for general corporate purposes including general and administrative expenses and working capital.
AveXis was formerly known as BioLife Cell Bank and changed its name to AveXis in January 2014. The company was founded in 2010.
Executive Management Overview
President, CEO and Director Sean Nolan has served AveXis since June 2015. His previous experience includes senior executive positions at InterMune, Reata Pharmaceuticals, Lundbeck, and Abbott Laboratories. Mr. Nolan received a Bachelor of Science degree in Biology from John Carroll University.
