Adverum Biotechnologies Appoints Rupert D’Souza, Ph.D., M.B.A. as Chief Financial Officer
Adverum Biotechnologies, Inc. (Nasdaq: ADVM) has appointed Rupert D’Souza, Ph.D., M.B.A., as its new Chief Financial Officer (CFO). D’Souza will be a member of the executive committee and will oversee financial operations, planning, and accounting. He aims to leverage his expertise to advance the company’s Phase 2 clinical trial for ADVM-022 targeting wet age-related macular degeneration. The company is well-positioned financially, with a projected cash runway into 2024. D’Souza received a stock option grant of 400,000 shares as part of his inducement offer.
- New CFO appointment may bring fresh perspectives and strengthen leadership.
- D’Souza has extensive experience in finance relevant to the biotechnology sector.
- Company has a solid financial position with cash runway extending into 2024.
- Focus on advancing Phase 2 clinical trials for ADVM-022 could enhance growth potential.
- Potential concerns regarding continuity and experience gaps in leadership transition.
REDWOOD CITY, Calif., Dec. 06, 2021 (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 Rupert D’Souza, Ph.D., M.B.A., has joined Adverum as the company’s chief financial officer (CFO). Dr. D’Souza will serve as a member of Adverum’s executive committee and will report to Laurent Fischer M.D., president and chief executive officer at Adverum Biotechnologies. Dr. D’Souza will provide leadership for the company’s financial operations and planning, accounting, procurement, and select other functions.
“On behalf of the entire company, I am delighted to welcome Rupert to Adverum and look forward to partnering with him as we advance the company’s strategy together,” said Dr. Laurent Fischer, president and chief executive officer at Adverum Biotechnologies. “As CFO, Dr. D’Souza will play a critical role as we shape and build the company. This includes augmenting our highly experienced executive team to fulfill the promise of our pipeline, including the development of ADVM-022 in wet age-related macular degeneration. I very much look forward to his service and counsel over the coming years.”
“I was drawn to Adverum by the company’s potential transformative gene therapy treatments for ocular and rare diseases,” said Rupert D’Souza, Ph.D., M.B.A., chief financial officer of Adverum Biotechnologies. “With Adverum’s strong financial position and projected cash runway into 2024, I look forward to leveraging my financial expertise to progress the company’s plans to advance a Phase 2 clinical trial in wet AMD next year, and to play an integral role in Adverum achieving its full potential as a diversified gene therapy company.”
Dr. D’Souza most recently served as chief financial officer consultant at Replay Holdings, LLC, a venture capital-funded, gene therapy-focused, biotechnology holding company, where he was responsible for leading all finance and human resources activities. Prior to Replay Holdings, Dr. D’Souza was the founder and chief financial officer consultant at RMND LLC, a business development agency. Before that Dr. D’Souza held roles of increasing responsibility at several companies, including, Armanino LLP, BioMarin Pharmaceuticals, UTStarcom Inc., and Genentech.
Dr. D’Souza received a B.Tech. in Chemical Engineering from the Indian Institute of Technology, Bombay, a Ph.D. in Chemical and Biomolecular Engineering from Georgia Institute of Technology, and an M.B.A. from the University of Chicago Booth School of Business.
Inducement Grant
On December 6, 2021, the company granted Dr. D’Souza a stock option to purchase 400,000 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 his 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 his 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 wet age-related macular degeneration. 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. D’Souza 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
(619) 916-7620
laurence@gilmartinir.com
Source: Adverum Biotechnologies, Inc.
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