The combined company will receive ~$215M in cash & investments enough to fund operations into 2025 & key milestones for gene therapy programs. Under a securities purchase agreement, Solid will receive gross proceeds of $75M in PIPE financing led by multiple investors in exchange for 159,574,463 shares of common stock at $0.47/share
The transactions are expected to close in Q4’22. The companies focus on advancing portfolios of neuromuscular & cardiac programs, incl. SGT-003 for DMD, AVB-202 for FA, AVB-401 for BAG3 mediated DCM & other undisclosed CVD
Solid’s shareholders will own 85% while AavantiBio’s shareholders to hold ~15% of the combined company. The combined company will operate as Solid Biosciences & will be listed on Nasdaq under the ticker symbol “SLDB”
Ref: GlobeNewswire | Image: Solid Biosciences
