AveXis nets $432mm in FOPO to fund neuromuscular disease programs

AveXis Inc. (gene therapies for rare musculoskeletal and neurological genetic diseases) netted $432mm in a public offering of 4.5mm shares (including the overallotment) at $102. Concurrent with the financing, the company announced an expanded development program for lead compound AVXS101 in spinal muscular atrophy (SMA) Type 1 (for which it has orphan drug, breakthrough therapy, and fast track designations), including testing the Phase I compound in new SMA patient populations such as Type 2 and Type 3 (grouped based on disease onset and severity). AveXis will use the proceeds to fund research, manufacturing, development, licensing, and pre-commercialization activities for AVXS101 in SMA as well as clinical activities for other programs in Rett syndrome and ALS.