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

Rhea-AI Summary

Adverum Biotechnologies, Inc. (Nasdaq: ADVM) announced the grant of stock options to a new employee on December 1, 2022. The grant consists of 200,000 shares under Nasdaq Rule 5635(c)(4), serving as an inducement for the employee. The exercise price is set at the closing price on the grant date, with options vesting over four years, contingent upon continued employment. Adverum focuses on developing gene therapies for ocular diseases, aiming to transform treatment paradigms and improve patient outcomes.

Positive

• Grant of stock options may enhance employee retention and motivation.
• Continued focus on developing gene therapies for prevalent ocular diseases.

Negative

• None.

REDWOOD CITY, Calif., Dec. 06, 2022 (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 December 1, 2022, Adverum granted a new employee a stock option to purchase 200,000 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 for these diseases 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 these 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 stock options did Adverum grant on December 1, 2022?

Adverum granted stock options to a new employee to purchase 200,000 shares of common stock.

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

The exercise price is equal to the closing sales price on the grant date.

How long will the stock options granted by Adverum vest?

The stock options will vest over four years, contingent on the employee's continued service.

What is the purpose of the stock option grant by Adverum?

The stock option grant serves as an inducement for the employee to join Adverum.

What is the focus of Adverum Biotechnologies?

Adverum focuses on establishing gene therapy as a new standard of care for ocular diseases.