Invivyd Inc., a New Haven-based biotechnology company developing antibody-based treatments, recently announced it had raised a net $117.2 million from an underwritten public offering.
Invivyd Inc., a New Haven-based biotechnology company developing antibody-based treatments, recently announced it had raised a net $117.2 million from an underwritten public offering.
Invivyd said Nov. 17 it entered into an underwriting agreement with Cantor Fitzgerald & Co. for a public offering of 44 million shares at $2.50 each, along with pre-funded warrants for 6 million additional shares. Underwriters were also given a 30-day option to buy up to 7.5 million more shares at the same price.
The offering, which closed Nov. 19, generated approximately $117.2 million in net proceeds after underwriting discounts, commissions and estimated offering expenses.
Invivyd said it intends to use the net proceeds, plus its existing cash and cash equivalents, for working capital and commercial preparedness for the potential launch of VYD2311, an experimental lab-made antibody that’s being developed to work like a vaccine by helping protect people from COVID-19, and for continued research and development related to its pipeline programs.
In October, Invivyd said it
received federal approval to begin large-scale testing of VYD2311. One study will measure how well the drug prevents infection, while another will test its safety and compare immune responses to traditional COVID-19 vaccines.
