Invivyd closes $57.5 million public offering with full underwriter option

Invivyd Inc. (NASDAQ: IVVD) completed its underwritten public offering, raising approximately $57.5 million in gross proceeds before deducting underwriting discounts and offering expenses, according to a company statement.

The biopharmaceutical company sold 89,234,480 shares of common stock at $0.52 per share and pre-funded warrants to purchase 21,342,442 shares at $0.5199 per warrant. The total includes 14,423,076 additional shares purchased through the full exercise of the underwriter's option.

Cantor served as sole book-running manager for the offering. The financing was led by RA Capital Management and Janus Henderson Investors, with participation from other healthcare-focused investors.

Invivyd plans to use the net proceeds for trial protocol development and advancement of its VYD2311 clinical program, research and development of pipeline programs including respiratory syncytial virus and measles treatments, and advancement of its Spike Protein Elimination and Recovery Study Group efforts related to monoclonal antibody therapy for Long COVID and COVID-19 Post-Vaccination Syndrome.

The company will also allocate funds for working capital and general corporate purposes. The securities were offered under a shelf registration statement filed with the Securities and Exchange Commission in September 2022 and declared effective in October 2022.

Invivyd focuses on developing protection against viral infectious diseases, starting with SARS-CoV-2. The company received emergency use authorization from the U.S. FDA for a monoclonal antibody in March 2024.

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