Adverum Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Adverum Biotechnologies (Nasdaq: ADVM) announced the grant of stock options to a new employee, totaling 150,000 shares. This grant adheres to the inducement grant exception under Nasdaq Rule 5635(c)(4), intended to incentivize the employee's commitment. The options come with an exercise price equivalent to the closing sales price on the grant date, vesting over four years based on continued employment. Adverum, focused on gene therapy for ocular diseases, is developing ixoberogene soroparvovec (Ixo-vec) as a one-time treatment for conditions like wet age-related macular degeneration, aiming to improve patient care and vision restoration.

Positive

• Granting of 150,000 stock options could enhance employee retention and motivation.
• Focus on gene therapy positions Adverum as a contender in the ocular disease treatment market.

Negative

• None.

REDWOOD CITY, Calif., Jan. 18, 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, announced a grant of stock options to a new employee. On January 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 research 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 significance of the stock options granted by Adverum (ADVM)?

The stock options aim to incentivize a new employee's long-term commitment to Adverum.

How many stock options were granted by Adverum on January 17, 2023?

Adverum granted stock options for a total of 150,000 shares.

What is the exercise price for the stock options granted by Adverum?

The exercise price is equal to the closing sales price of Adverum's common stock on the grant date.

What is ixoberogene soroparvovec (Ixo-vec) developed by Adverum (ADVM)?

Ixo-vec is a gene therapy candidate aimed at treating wet age-related macular degeneration.

What is Adverum's strategy for ocular disease treatment?

Adverum is developing single-administration gene therapies to improve patient care and reduce the need for frequent ocular injections.