AveXis closes on $65M deal to advance SMA clinical program

AveXis Inc. announced Tuesday it completed a $65 million Class D common stock financing.


AveXis Inc. announced Tuesday it completed a $65 million Class D common stock financing.   File photo

AveXis Inc. announced Tuesday it completed a $65 million Class D common stock financing.

“We are pleased to have such a robust syndicate of well-respected investors, led by T. Rowe Price funds and accounts, join with our existing investors in this financing. This points to the broad enthusiasm surrounding our (spinal muscular atrophy) SMA clinical program and the progress we have made to date,” AveXis CEO and President Sean Nolan said. “We are now well-positioned to continue development of our novel gene therapy for patients suffering from SMA Type 1, a rare genetic disease and the most common genetic cause of infant mortality.”

The proceeds will be used to advance the company’s ongoing spinal muscular atrophy clinical program and expand key operational capabilities.

The Class D financing was led by funds and accounts managed by T. Rowe Price Associates Inc., a new investor in AveXis. Existing investors, including Deerfield Management, Roche Venture Fund and Venrock, also participated in the financing, as did new participants including Janus Capital Management LLC, Adage Capital Management, LP, RA Capital Management, QVT Financial LP, Rock Springs Capital Management LP, Foresite Capital Management LLC, RTW Investments LLC, and Boxer Capital of Tavistock Life Sciences.

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