Adverum Biotechnologies Announces Upcoming Nonclinical Data Presentation Supporting Staggered Bilateral Administration of Ixoberogene Soroparvovec (Ixo-vec) at the 2023 ARVO Annual Meeting

Rhea-AI Summary

Adverum Biotechnologies, Inc. (Nasdaq: ADVM) announced its presentation at the ARVO 2023 Annual Meeting concerning Ixoberogene soroparvovec (Ixo-vec), targeted at treating neovascular age-related macular degeneration. This presentation, scheduled for April 23, 2023, will highlight nonclinical data supporting a human equivalent dose of 6x10¹⁰ vg/eye and provide insights on aflibercept protein levels, durability, and tolerability following staggered bilateral administration. A press release will accompany the presentation, detailing findings. Additionally, on the same day, Adverum granted a stock option for 150,000 shares to a new employee, reflecting its commitment to attracting talent in line with Nasdaq's regulations.

Positive

• Presentation of nonclinical data supporting Ixo-vec for age-related macular degeneration.
• Focus on durability and tolerability which may enhance patient treatment options.
• Stock option grant demonstrates commitment to attracting skilled employees.

Negative

• None.

REDWOOD CITY, Calif., April 17, 2023 (GLOBE NEWSWIRE) -- Adverum Biotechnologies, Inc. (Nasdaq: ADVM), a clinical-stage company that aims to establish gene therapy as a new standard of care for highly prevalent ocular diseases, today announced that the company will present an abstract featuring nonclinical data of Ixoberogene soroparvovec (Ixo-vec) for the treatment of neovascular age-related macular degeneration at the Association for Research in Vision and Ophthalmology (ARVO) 2023 Annual Meeting. Adverum will present data on the human equivalent dose of 6x10^10 (6E10) vg/eye that is being evaluated in Adverum’s Phase 2 LUNA study of Ixo-vec. In addition, data will be presented outlining aflibercept protein levels, as well as durability and tolerability following staggered bilateral administration of Ixo-vec.

Presentation Title: Ixoberogene soroparvovec (Ixo-vec) for the treatment of neovascular age-related macular degeneration: Nonclinical data in support of human equivalent dose of 6E10 vg/eye and staggered bilateral dosing
Presentation Type: Paper Session
Presentation Number: 460
Session Number: 119
Session Title: AMD antiVEGF
Date: April 23, 2023
Time: 12:00 PM to 12:15 PM Central Time
Room: La Nouvelle AB
Presenter: Kris Poulsen

Adverum intends to issue a press release concurrent with the presentation and plans to post the data presentation on the Publications page in the Pipeline section of the company’s website.

Inducement Grant
On April 17, 2023, Adverum granted a new employee a stock option to purchase 150,000 shares of Adverum’s common stock pursuant to the inducement grant exception under Nasdaq Rule 5635(c)(4), as an inducement that is material to the employee entering into employment with Adverum. The option has a per share exercise price equal to the closing sales price of Adverum’s common stock on the Nasdaq Stock Market on the grant date, and will vest over four years, subject to the employee’s continued service with Adverum.

About Adverum Biotechnologies
Adverum Biotechnologies (NASDAQ: ADVM) 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. Leveraging the capabilities of its proprietary intravitreal (IVT) platform, Adverum is developing durable, single-administration therapies, designed to be delivered in physicians’ offices, to eliminate the need for frequent ocular injections to treat these diseases. Adverum is evaluating its novel gene therapy candidate, ixoberogene soroparvovec (Ixo-vec, formerly referred to as ADVM-022), as a one-time, IVT injection for patients with neovascular or wet age-related macular degeneration. By overcoming the challenges associated with current treatment paradigms for debilitating ocular diseases, Adverum aspires to transform the standard of care, preserve vision, and create a profound societal impact around the globe. For more information, please visit www.adverum.com.

Corporate, Investor and Media Inquiries
Anand Reddi
Vice President, Head of Corporate Strategy, External Affairs and Engagement
Adverum Biotechnologies, Inc.
T: 650-649-1358
E: areddi@adverum.com

FAQ

What is the focus of Adverum's presentation at ARVO 2023 regarding ADVM?

Adverum will present nonclinical data on Ixoberogene soroparvovec (Ixo-vec) for treating neovascular age-related macular degeneration.

What is the significance of the human equivalent dose of 6E10 vg/eye?

It represents the dose being evaluated in Adverum’s Phase 2 LUNA study, critical for advancing treatment protocols.

When will Adverum present its findings at the ARVO meeting?

The presentation is scheduled for April 23, 2023, from 12:00 PM to 12:15 PM Central Time.

What stock options were granted by Adverum on April 17, 2023?

Adverum granted a stock option to purchase 150,000 shares to a new employee as an inducement for employment.

How does Adverum plan to share presentation data?

Adverum plans to issue a press release and post the presentation data on their website following the event.