Avere Therapeutics announced a $500 million private placement from a syndicate of healthcare-focused institutional investors to support development of its once-weekly oral IL-23 receptor antagonist AVR-001. This financing is in addition to a previously announced $320 million concurrent private investment.
According to Avere, the two private placements, consisting of common stock and pre-funded warrants, are expected to close immediately prior to the completion of its all-stock merger with NextCure (Nasdaq: NXTC). Upon closing, Avere is expected to have 449,668,672 as-converted shares outstanding, and the combined proceeds are expected to fund its operating plan into 2029. The merged company is expected to operate as Avere Therapeutics and trade on Nasdaq under ticker AVRX.