AlloVir is laying off 95% of its workers to “reduce costs and preserve capital” after discontinuing three Phase III trials of its antiviral cell therapy candidate.
Less than a month after AlloVir suffered a triple phase 3 failure, the allogeneic T cell immunotherapy biotech is cutting 95% of its workforce.
AlloVir is pondering its corporate future after finding out that its lead antiviral cell therapy candidate is likely ineffective.
AlloVir’s ambitions, like its share price, have shrunk significantly as the biotech abandons three late-stage trials of its lead asset after realizing none were likely to achieve success.
AlloVir to Present at the Piper Sandler 35th Annual Healthcare Conference
AlloVir Reports Third Quarter 2023 Financial Results
WALTHAM, Mass.--(BUSINESS WIRE)--AlloVir, Inc. (Nasdaq: ALVR), a late-clinical stage allogeneic T cell immunotherapy company, today announced that Diana Brainard, M.D., Chief Executive Officer, will participate in the following upcoming investor conferences:
AlloVir Reports Second Quarter 2023 Financial Results
CAMBRIDGE, Mass.--(BUSINESS WIRE)--AlloVir, Inc. (Nasdaq: ALVR), a late clinical-stage cell therapy company, today announced that it has commenced a proposed underwritten public offering of $75.0 million of shares of its common stock. AlloVir also intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the total number of shares of its common stock offered in the public offering. All of the shares in the proposed offering are to be sold by AlloVir. The proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
WALTHAM, Mass.--(BUSINESS WIRE)--AlloVir, Inc. (Nasdaq: ALVR), a late clinical-stage cell therapy company, today announced the pricing of an underwritten public offering of 20,000,000 shares of its common stock at a public offering price of $3.75 per share. The gross proceeds to AlloVir from the offering, before deducting underwriting discounts and commissions and other estimated offering expenses, are expected to be $75.0 million. All shares in the offering are to be sold by AlloVir. In addition, AlloVir has granted the underwriters a 30-day option to purchase up to an additional 3,000,000 shares of its common stock at the public offering price, less underwriting discounts and commissions. The offering is expected to close on or about June 26, 2023, subject to customary closing conditions.