Acrivon to sell 8.24M shares at $8.50 in private placement financing

Acrivon Therapeutics has entered into a securities purchase agreement with certain existing and new accredited investors to issue and sell an aggregate of 8,235,000 shares of its common stock at a price of $8.50 per share, a premium to the closing price on April 8, 2024, and pre-funded warrants to purchase up to an aggregate of 7,060,000 shares of common stock at a purchase price of $8.499 per pre-funded warrant, through a private investment in public equity financing. The pre-funded warrants will have an exercise price of $0.001 per share of common stock, be immediately exercisable and remain exercisable until exercised in full. Acrivon anticipates the gross proceeds from the oversubscribed PIPE to be approximately $130 million, before deducting fees to the placement agent and other offering expenses payable by the company. The closing of the financing is expected to occur on April 11, 2024, subject to customary closing conditions. The private placement is being led by a new US-based healthcare and life sciences investor and includes other new and key existing investors, including RA Capital Management, Perceptive Advisors, Paradigm BioCapital, Surveyor Capital, Sands Capital, and Acorn Bioventures. Acrivon currently expects to use the net proceeds from the private placement, together with its existing cash, cash equivalents and investments, to fund the continued advancement of its pipeline, including ACR-368, ACR-2316, and its undisclosed cell cycle regulatory program, to fund research and development to broaden its use and applications of its AP3 platform, to leverage its vast proprietary data sets through artificial intelligence and machine learning, and for other general corporate purposes. Acrivon believes its cash, cash equivalents and investments, including the expected net proceeds from the private placement, will provide sufficient funding of planned operations into the second half of 2026 with flexibility to extend further. Jefferies acted as the exclusive placement agent in the private placement.