Foley Represents TCGX as Lead Investor in $127.5M Private Placement for Adverum Biotechnologies

Foley & Larder LLP represented TCG Crossover (“TCGX”) as the lead investor in the $127.5 million private placement for Adverum Biotechnologies. Additional investors included 5AM Ventures, Commodore Capital, Frazier Life Sciences, Logos Capital, Samsara BioCapital, Venrock Healthcare Capital Partners, and Vivo Capital, as well two large investment management firms.

Adverum Biotechnologies is a clinical-stage company that aims to establish gene therapy as a new standard of care for highly prevalent ocular diseases with the aspiration of developing functional cures to restore vision and prevent blindness. The proceeds from this financing, combined with current cash, cash equivalents and marketable securities, are expected to be sufficient to fund the current operating plan into late 2025.

TCGX is a Palo Alto-based investment firm focused on investing in innovative pre-IPO and public drug discovery companies. TCGX invests in visionary entrepreneurs leveraging recent scientific breakthroughs to develop transformative medicines. TCGX invests primarily in North America and Europe- or China-based companies doing U.S. drug development.

The Foley team was led by partners Louis Lehot and Clyde Tinnen and included associate Trevor Mullin.