<p>波士頓，2026 年 4 月 29 日（全球新聞通訊社）—— Avalyn Pharma Inc.（“Avalyn”）是一家臨牀階段的生物製藥公司，致力於開發吸入療法，以改變嚴重罕見呼吸疾病的治療模式。今天宣佈其增發的首次公開募股（IPO）定價為 16,666,667 股普通股，公眾發行價格為每股 18.00 美元。Avalyn 預計此次發行的總收入在扣除承銷折扣和佣金及發行費用之前，將達到 3 億美元。所有股份均由 Avalyn 提供。此外，Avalyn 已授予承銷商一個為期 30 天的選擇權，以初始公開發行價格購買額外的 2,500,000 股普通股，扣除承銷折扣和佣金。</p>
<p>預計這些股票將於 2026 年 4 月 30 日在納斯達克全球精選市場開始交易，股票代碼為 “AVLN”。此次發行預計將於 2026 年 5 月 1 日完成，前提是滿足慣常的交割條件。</p>
<p>摩根士丹利、傑富瑞、Evercore ISI 和古根海姆證券擔任此次發行的聯合賬簿管理人。</p>
<p>與此次發行相關的註冊聲明已向證券交易委員會提交，並於 2026 年 4 月 29 日獲得有效。此次發行僅通過招股説明書進行。最終招股説明書的副本可從以下地址獲取：摩根士丹利公司，招股説明書部門，180 Varick Street, New York, NY 10014，電話：1-866-718-1649，電子郵件：prospectus@morganstanley.com；傑富瑞公司，股權承銷招股説明書部門，520 Madison Avenue, New York, NY 10022，電話：（877）821-7388，電子郵件：Prospectus_Department@Jefferies.com；Evercore Group L.L.C.，股權資本市場部，55 East 52nd Street, 35th Floor, New York, NY 10055，電話：（888）474-0200，電子郵件：ecm.prospectus@evercore.com；或古根海姆證券，股權承銷部門，330 Madison Ave., New York, NY 10017，電話：（212）518-9544，電子郵件：GSEquityProspectusDelivery@guggenheimpartners.com。</p>
<p>本新聞稿不構成出售這些證券的要約或購買這些證券的邀請，也不應在任何州或司法管轄區進行這些證券的出售，除非在該州或司法管轄區的證券法下注冊或合格之前。</p>
<p><strong>關於</strong> <strong>Avalyn</strong></p>
<p>Avalyn 旨在改變肺纖維化及其他嚴重罕見呼吸疾病的治療模式。該公司正在推進優化的吸入配方，使用已建立的抗纖維化藥物，旨在直接將藥物輸送到肺部，增強局部療效，並減少全身副作用。Avalyn 的 AP01 項目是優化的吸入配方的吡非尼酮，目前正在 MIST 進行評估，這是一個針對進展性肺纖維化（“PPF”）患者的全球 2b 期臨牀試驗。AP01 在 1b 期和正在進行的多年的開放標籤擴展試驗中顯示出令人鼓舞的耐受性和臨牀活性，長期數據支持其在改善耐受性的同時保持肺功能的潛力，相較於歷史口服吡非尼酮的數據。Avalyn 的 AP02 項目是優化的吸入配方的尼達尼布，目前正在 AURA 進行評估，這是一個針對特發性肺纖維化（“IPF”）患者的全球 2 期臨牀試驗。Avalyn 還在推進 AP03，這是吡非尼酮和尼達尼布的吸入固定劑量組合，旨在通過單一的肺靶向平台提供雙重抗纖維化機制。通過利用其專有的藥物 - 設備方法和在罕見呼吸疾病開發方面的深厚專業知識，Avalyn 旨在通過吸入的肺靶向療法建立肺纖維化的新治療標準。</p>
<p><strong>關於</strong> <strong>前瞻性</strong> <strong>聲明的警示説明</strong></p>
<p>本新聞稿包含某些披露，包含 “前瞻性聲明”，包括但不限於關於 Avalyn 對其股票在納斯達克全球精選市場開始交易的預期、發行的完成和交割時間以及預計的發行總收入的聲明。前瞻性聲明基於 Avalyn 當前的預期，並受到固有的不確定性、風險和假設的影響，這些因素難以預測。可能導致實際結果與預期結果不同的因素包括但不限於與滿足慣常交割條件和完成發行相關的風險和不確定性，以及生物製藥產品開發中固有的風險。這些及其他風險和不確定性在提交給證券交易委員會的註冊聲明的 “風險因素” 部分中有更全面的描述。本公告中包含的前瞻性聲明截至本日期作出，Avalyn 沒有義務更新該信息，除非適用法律要求。讀者不應依賴本頁上的信息在其發佈後仍然是當前或準確的。</p>
<p><strong>媒體聯繫：</strong></p>
<p>Kat Lippincott，Deerfield Group</p>
<p>kat.lippincott@deerfieldgroup.com</p>
<p>media@avalynpharma.com</p>
<p><strong>投資者聯繫：</strong></p>
<p>Cassie Saitow，Avalyn Pharma Inc.</p>
<p>高級總監，投資者關係與企業傳播</p>
<p>ir@avalynpharma.com</p>
<p>圖片：https://www.globenewswire.com/newsroom/ti?nf=OTcxMDE0NCM3NTc0OTAzIzIyNTUxMjU=</p>
<p>圖片：https://ml.globenewswire.com/media/ZDNjZjdlMjgtMjA2MC00NGIyLTgzMWEtMDE1NDlkNTI4NjI2LTEyNjY2NzQtMjAyNi0wNC0zMC1lbg==/tiny/Avalyn-Pharma-Inc-.png</p>
<p>圖片：主標誌</p>
<p>來源：Avalyn Pharma Inc.</p>

華夏上證科創板生物醫藥ETF

華寶中證醫療ETF

醫療業 ETF - Vanguard

標普生物技術 ETF - SPDR

國泰中證生物醫藥ETF

美國制藥 ETF - iShares

納斯達克生物科技指數 ETF - iShares Nasdaq

華夏中證生物科技主題ETF

<p>2026 年 4 月 29 日，Avalyn Pharma Inc. 宣佈其增量首次公開募股的定價，發行 16,666,667 股，每股定價為 18.00 美元，預計總收益約為 3 億美元。該公司將提供所有股份，並已授予承銷商在 IPO 價格下以淨額（扣除折扣和佣金）購買額外 2,500,000 股的 30 天選擇權</p>

<p>BOSTON, April 29, 2026 (GLOBE NEWSWIRE) -- Avalyn Pharma Inc. (“Avalyn”), a clinical-stage biopharmaceutical company pioneering inhaled therapies to transform the treatment paradigm of serious, rare respiratory diseases, today announced the pricing of its upsized initial public offering of 16,666,667 shares of its common stock at a price to the public of $18.00 per share. The gross proceeds to Avalyn from the offering, before deducting the underwriting discounts and commissions and offering expenses, are expected to be $300 million. All of the shares are being offered by Avalyn. In addition, Avalyn has granted the underwriters a 30-day option to buy an additional 2,500,000 shares of its common stock at the initial public offering price, less underwriting discounts and commissions.</p>
<div class="lb-trans"><p>波士頓，2026 年 4 月 29 日（全球新聞通訊社）—— Avalyn Pharma Inc.（“Avalyn”）是一家臨牀階段的生物製藥公司，致力於開發吸入療法，以改變嚴重罕見呼吸疾病的治療模式。今天宣佈其增發的首次公開募股（IPO）定價為 16,666,667 股普通股，公眾發行價格為每股 18.00 美元。Avalyn 預計此次發行的總收入在扣除承銷折扣和佣金及發行費用之前，將達到 3 億美元。所有股份均由 Avalyn 提供。此外，Avalyn 已授予承銷商一個為期 30 天的選擇權，以初始公開發行價格購買額外的 2,500,000 股普通股，扣除承銷折扣和佣金。</p>
</div><p>The shares are expected to begin trading on the Nasdaq Global Select Market on April 30, 2026 under the ticker symbol “AVLN.” The offering is expected to close on May 1, 2026 subject to the satisfaction of customary closing conditions.</p>
<div class="lb-trans"><p>預計這些股票將於 2026 年 4 月 30 日在納斯達克全球精選市場開始交易，股票代碼為 “AVLN”。此次發行預計將於 2026 年 5 月 1 日完成，前提是滿足慣常的交割條件。</p>
</div><p>Morgan Stanley, Jefferies, Evercore ISI and Guggenheim Securities are acting as joint book-running managers for the offering.</p>
<div class="lb-trans"><p>摩根士丹利、傑富瑞、Evercore ISI 和古根海姆證券擔任此次發行的聯合賬簿管理人。</p>
</div><p>A registration statement relating to this offering has been filed with the Securities and Exchange Commission and was declared effective on April 29, 2026. The offering is being made only by means of a prospectus. Copies of the final prospectus, when available, may be obtained from: Morgan Stanley &amp; Co. LLC, Attn: Prospectus Department, 180 Varick Street, New York, NY 10014, telephone: 1-866-718-1649, email: prospectus@morganstanley.com; Jefferies LLC, Attn: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, New York 10022, telephone: (877) 821-7388, email: Prospectus_Department@Jefferies.com; Evercore Group L.L.C., Attn: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, New York 10055, telephone: (888) 474-0200, email: ecm.prospectus@evercore.com; or Guggenheim Securities, LLC, Attn: Equity Syndicate Department, 330 Madison Ave., New York, New York 10017, telephone: (212) 518-9544, email: GSEquityProspectusDelivery@guggenheimpartners.com.</p>
<div class="lb-trans"><p>與此次發行相關的註冊聲明已向證券交易委員會提交，並於 2026 年 4 月 29 日獲得有效。此次發行僅通過招股説明書進行。最終招股説明書的副本可從以下地址獲取：摩根士丹利公司，招股説明書部門，180 Varick Street, New York, NY 10014，電話：1-866-718-1649，電子郵件：prospectus@morganstanley.com；傑富瑞公司，股權承銷招股説明書部門，520 Madison Avenue, New York, NY 10022，電話：（877）821-7388，電子郵件：Prospectus_Department@Jefferies.com；Evercore Group L.L.C.，股權資本市場部，55 East 52nd Street, 35th Floor, New York, NY 10055，電話：（888）474-0200，電子郵件：ecm.prospectus@evercore.com；或古根海姆證券，股權承銷部門，330 Madison Ave., New York, NY 10017，電話：（212）518-9544，電子郵件：GSEquityProspectusDelivery@guggenheimpartners.com。</p>
</div><p>This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.</p>
<div class="lb-trans"><p>本新聞稿不構成出售這些證券的要約或購買這些證券的邀請，也不應在任何州或司法管轄區進行這些證券的出售，除非在該州或司法管轄區的證券法下注冊或合格之前。</p>
</div><p><strong>About</strong> <strong>Avalyn</strong></p>
<div class="lb-trans"><p><strong>關於</strong> <strong>Avalyn</strong></p>
</div><p>Avalyn aims to transform the treatment paradigm for pulmonary fibrosis and other serious, rare respiratory diseases. The company is advancing optimized inhaled formulations of established antifibrotic medicines designed to deliver drug directly to the lungs, enhance local efficacy, and reduce systemic side effects. Avalyn’s AP01 program is an optimized inhaled formulation of pirfenidone currently being evaluated in MIST, a global Phase 2b clinical trial in patients with progressive pulmonary fibrosis (“PPF”). AP01 has demonstrated encouraging tolerability and clinical activity across Phase 1b and an ongoing, multi-year open-label extension trial, with long-term data supporting the potential to preserve lung function while improving tolerability relative to historical oral pirfenidone data. Avalyn’s AP02 program is an optimized inhaled formulation of nintedanib currently being evaluated in AURA, a global Phase 2 clinical trial in patients with idiopathic pulmonary fibrosis (“IPF”). Avalyn is also advancing AP03, an inhaled fixed-dose combination of pirfenidone and nintedanib, designed to deliver dual antifibrotic mechanisms through a single lung-targeted platform. By leveraging its proprietary drug-device approach and deep expertise in rare respiratory disease development, Avalyn aims to establish a new standard of care in pulmonary fibrosis through inhaled, lung-targeted therapies.</p>
<div class="lb-trans"><p>Avalyn 旨在改變肺纖維化及其他嚴重罕見呼吸疾病的治療模式。該公司正在推進優化的吸入配方，使用已建立的抗纖維化藥物，旨在直接將藥物輸送到肺部，增強局部療效，並減少全身副作用。Avalyn 的 AP01 項目是優化的吸入配方的吡非尼酮，目前正在 MIST 進行評估，這是一個針對進展性肺纖維化（“PPF”）患者的全球 2b 期臨牀試驗。AP01 在 1b 期和正在進行的多年的開放標籤擴展試驗中顯示出令人鼓舞的耐受性和臨牀活性，長期數據支持其在改善耐受性的同時保持肺功能的潛力，相較於歷史口服吡非尼酮的數據。Avalyn 的 AP02 項目是優化的吸入配方的尼達尼布，目前正在 AURA 進行評估，這是一個針對特發性肺纖維化（“IPF”）患者的全球 2 期臨牀試驗。Avalyn 還在推進 AP03，這是吡非尼酮和尼達尼布的吸入固定劑量組合，旨在通過單一的肺靶向平台提供雙重抗纖維化機制。通過利用其專有的藥物 - 設備方法和在罕見呼吸疾病開發方面的深厚專業知識，Avalyn 旨在通過吸入的肺靶向療法建立肺纖維化的新治療標準。</p>
</div><p><strong>Cautionary</strong> <strong>Note</strong> <strong>Regarding</strong> <strong>Forward-Looking</strong> <strong>Statements</strong></p>
<div class="lb-trans"><p><strong>關於</strong> <strong>前瞻性</strong> <strong>聲明的警示説明</strong></p>
</div><p>This press release includes certain disclosures that contain “forward-looking statements,” including, without limitation, statements regarding Avalyn’ expectations regarding the commencement of trading of its shares on the Nasdaq Global Select Market, the completion and timing of the closing of the offering and the anticipated gross proceeds from the offering. Forward-looking statements are based on Avalyn’ current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, risks and uncertainties related to the satisfaction of customary closing conditions and the completion of the offering, and the risks inherent in biopharmaceutical product development. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” section of the registration statement filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Avalyn undertakes no duty to update such information except as required under applicable law. Readers should not rely upon the information on this page as current or accurate after its publication date.</p>
<div class="lb-trans"><p>本新聞稿包含某些披露，包含 “前瞻性聲明”，包括但不限於關於 Avalyn 對其股票在納斯達克全球精選市場開始交易的預期、發行的完成和交割時間以及預計的發行總收入的聲明。前瞻性聲明基於 Avalyn 當前的預期，並受到固有的不確定性、風險和假設的影響，這些因素難以預測。可能導致實際結果與預期結果不同的因素包括但不限於與滿足慣常交割條件和完成發行相關的風險和不確定性，以及生物製藥產品開發中固有的風險。這些及其他風險和不確定性在提交給證券交易委員會的註冊聲明的 “風險因素” 部分中有更全面的描述。本公告中包含的前瞻性聲明截至本日期作出，Avalyn 沒有義務更新該信息，除非適用法律要求。讀者不應依賴本頁上的信息在其發佈後仍然是當前或準確的。</p>
</div><p><strong>Media Contact:</strong></p>
<div class="lb-trans"><p><strong>媒體聯繫：</strong></p>
</div><p>Kat Lippincott, Deerfield Group</p>
<div class="lb-trans"><p>Kat Lippincott，Deerfield Group</p>
</div><p>kat.lippincott@deerfieldgroup.com</p>
<div class="lb-trans"><p>kat.lippincott@deerfieldgroup.com</p>
</div><p>media@avalynpharma.com</p>
<div class="lb-trans"><p>media@avalynpharma.com</p>
</div><p><strong>Investor Contact:</strong></p>
<div class="lb-trans"><p><strong>投資者聯繫：</strong></p>
</div><p>Cassie Saitow, Avalyn Pharma Inc.</p>
<div class="lb-trans"><p>Cassie Saitow，Avalyn Pharma Inc.</p>
</div><p>Sr. Director, IR and Corporate Communications</p>
<div class="lb-trans"><p>高級總監，投資者關係與企業傳播</p>
</div><p>ir@avalynpharma.com</p>
<div class="lb-trans"><p>ir@avalynpharma.com</p>
</div><p>Image: https://www.globenewswire.com/newsroom/ti?nf=OTcxMDE0NCM3NTc0OTAzIzIyNTUxMjU=</p>
<div class="lb-trans"><p>圖片：https://www.globenewswire.com/newsroom/ti?nf=OTcxMDE0NCM3NTc0OTAzIzIyNTUxMjU=</p>
</div><p>Image: https://ml.globenewswire.com/media/ZDNjZjdlMjgtMjA2MC00NGIyLTgzMWEtMDE1NDlkNTI4NjI2LTEyNjY2NzQtMjAyNi0wNC0zMC1lbg==/tiny/Avalyn-Pharma-Inc-.png</p>
<div class="lb-trans"><p>圖片：https://ml.globenewswire.com/media/ZDNjZjdlMjgtMjA2MC00NGIyLTgzMWEtMDE1NDlkNTI4NjI2LTEyNjY2NzQtMjAyNi0wNC0zMC1lbg==/tiny/Avalyn-Pharma-Inc-.png</p>
</div><p>Image: Primary Logo</p>
<div class="lb-trans"><p>圖片：主標誌</p>
</div><p>Source: Avalyn Pharma Inc.</p>
<div class="lb-trans"><p>來源：Avalyn Pharma Inc.</p>
</div>

Avalyn Announces Pricing of Upsized Initial Public Offering

Fidelity

摩根士丹利

Jefferies Financial

Evercore

納斯達克 OMX 交易所

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

Avalyn 宣佈擴大規模的首次公開募股定價