Adverum Biotechnologies Appoints Richard Beckman M.D. as Chief Medical Officer

Rhea-AI Summary

Adverum Biotechnologies, Inc. (Nasdaq: ADVM) announced the appointment of Dr. Richard Beckman as Chief Medical Officer, effective February 7, 2022. Dr. Beckman, a board-certified ophthalmologist with 30 years of experience in ophthalmology and drug development, will lead the company's global clinical development and medical affairs. He aims to advance the clinical program, ADVM-022, for treating wet age-related macular degeneration. Additionally, he received a stock option to purchase 485,000 shares as part of his inducement grant.

Positive

• Appointment of Dr. Beckman, enhancing leadership with 30 years of experience.
• Expertise in retinal diseases supports ADVM-022 development.
• Potential to improve treatment for wet age-related macular degeneration patients.

Negative

• Concerns about continuity during the leadership transition.
• Experience gaps due to recent CMO changes across companies.

- Dr. Beckman, a board-certified ophthalmologist, brings 30 years of experience in ophthalmology, drug development and retinal diseases including wet age-related macular degeneration -

REDWOOD CITY, Calif., Feb. 07, 2022 (GLOBE NEWSWIRE) -- Adverum Biotechnologies, Inc. (Nasdaq: ADVM), a clinical-stage gene therapy company targeting unmet medical needs in ocular and rare diseases, today announced that Richard Beckman, M.D., has joined Adverum as the company’s chief medical officer (CMO). Dr. Beckman will serve as a member of Adverum’s executive committee and will report to Laurent Fischer, M.D., president and chief executive officer. Dr. Beckman will provide leadership for the company’s global clinical development, medical affairs and pharmacovigilance organizations.

“I am thrilled to welcome Rick to Adverum as our chief medical officer. Dr. Beckman’s deep expertise in retina, uveitis and glaucoma ranging from drug discovery, clinical development and ophthalmology clinical practice will be essential as we advance our lead clinical program, ADVM-022 for the treatment of wet age-related macular degeneration and our pipeline,” stated Laurent Fischer, M.D., president and chief executive officer at Adverum Biotechnologies. “Dr. Beckman’s 30 years of clinical and development experience will help guide our medical strategy as we plan to initiate our Phase 2 trial later this year to inform future pivotal trials of ADVM-022 in wet age-related macular degeneration."

“I am eager to work with Adverum as we advance ADVM-022 as a potential first intravitreal gene therapy for wet AMD and develop our emerging pipeline candidates,” stated Dr. Beckman. “This is an exciting time for the ADVM-022 development program. Reducing the monthly or bi-monthly injection series to a single-dose, intravitreal injection has the potential to dramatically improve the lives and vision of the five million patients who suffer from wet AMD globally.”

Most recently, Dr. Beckman served as the CMO at ReNeuron, Inc., where he oversaw clinical development for pipeline candidates including its human retinal progenitor cell therapy program in retinitis pigmentosa. Prior to ReNeuron, Dr. Beckman served as CMO at several companies including Clearside Biomedical, Inc., Unilife, Inc., Ophthotech, and Neurotech Pharmaceuticals, Inc. and at the latter two led clinical development programs in wet age-related macular degeneration. Previously, Dr. Beckman had roles of increasing responsibility at Alcon Research, Ltd. (acquired by Novartis), Lux BioSciences, Danube Pharmaceuticals, Inc. Becton-Dickinson, Inc., and Allergan, Inc. (acquired by AbbVie). Dr. Beckman spent ten years in private practice as a glaucoma specialist and three years in academic practice at North Shore University Hospital/Cornell University Medical College.

Dr. Beckman earned his undergraduate and medical degrees in the Integrated Premedical-Medical Program at the University of Michigan. He completed an ophthalmology residency at Henry Ford Hospital and a glaucoma fellowship at Massachusetts Eye and Ear Infirmary, an affiliate hospital of Harvard Medical School.

Inducement Grant

On February 7, 2021, the company granted Dr. Beckman a stock option to purchase 485,000 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 him 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 her continued service with Adverum.

About Adverum Biotechnologies

Adverum Biotechnologies (Nasdaq: ADVM) is a clinical-stage gene therapy company targeting unmet medical needs in serious ocular and rare diseases. Adverum is evaluating its novel gene therapy candidate, ADVM-022, as a one-time, intravitreal injection for the treatment of patients with neovascular or wet age-related macular degeneration (wet AMD). For more information, please visit www.adverum.com.

Forward-looking Statements

Statements contained in this press release regarding the events or results that may occur in the future are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include but are not limited to statements regarding the role in which Dr. Beckman will serve and the benefits that he is expected to bring to Adverum. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties. Risks and uncertainties facing Adverum are described more fully in Adverum’s Form 10-Q filed with the SEC on November 4, 2021, under the heading “Risk Factors.” All forward-looking statements contained in this press release speak only as of the date on which they were made. Adverum undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

Inquiries

Anand Reddi
Vice President, Head of Corporate Strategy and External Affairs & Engagement
Adverum Biotechnologies, Inc.
T: 650-649-1358

Or

Laurence Watts
Gilmartin Group
T: 619-916-7620
E: laurence@gilmartinir.com

Source: Adverum Biotechnologies, Inc.

 

FAQ

What are the key responsibilities of Dr. Richard Beckman at Adverum (ADVM)?

Dr. Richard Beckman will oversee global clinical development, medical affairs, and pharmacovigilance at Adverum.

What is the significance of ADVM-022 for wet AMD patients?

ADVM-022 is being developed as a potential one-time gene therapy that could significantly improve the lives of wet AMD patients.

When is the Phase 2 trial for ADVM-022 expected to begin?

The Phase 2 trial for ADVM-022 is planned to initiate later in the year following the announcement.

What is the stock option awarded to Dr. Beckman as part of his employment?

Dr. Beckman was granted a stock option to purchase 485,000 shares of Adverum's common stock.

How might Dr. Beckman's experience benefit Adverum (ADVM)?

His extensive experience in ophthalmology and drug development is expected to advance Adverum’s clinical strategies and pipeline.