Adverum Biotechnologies, Inc. - ADVM STOCK NEWS

The Sonic Fund II, L.P., owning about 6.8% of Adverum Biotechnologies (NASDAQ: ADVM), announced ISS's recommendation for stockholders to vote for its nominees – Jean Bennett, Jodi Cook, and Herbert Hughes – in the upcoming 2021 Annual Meeting on May 12, 2021. ISS highlighted Adverum's significant stock underperformance, citing a 54.6% decline compared to peers. Concerns were raised about clinical trial safety and high director compensation. Sonic argues that change is crucial to restore investor confidence and governance independence amid financial challenges.

Adverum Biotechnologies (Nasdaq: ADVM) announced long-term findings from the OPTIC trial, showing the potential of ADVM-022 gene therapy for wet AMD. After a median follow-up of 88 weeks for the 2 x 10¹¹ vg/eye dose, 60% of patients were injection-free for over a year. Aflibercept protein expression levels were maintained within therapeutic ranges. However, patient safety remains a priority following an unexpected adverse event in the INFINITY study. Ocular adverse events were primarily mild, with a significant reduction in anti-VEGF injection frequency reported.

The Sonic Fund II, L.P. owns approximately 6.8% of Adverum Biotechnologies (NASDAQ: ADVM) and criticized the Company following its announcement of a Suspected Unexpected Serious Adverse Reaction (SUSAR) in the INFINITY clinical trial for ADVM-022 gene therapy aimed at diabetic macular edema. Sonic claims this reflects a failure in the Company's development approach and loss of shareholder confidence, highlighted by a ~60% stock price drop. They urge immediate changes to the Board, proposing their independent nominees to restore trust and success in ADVM-022's development.

Adverum Biotechnologies (Nasdaq: ADVM) reported a Serious Adverse Reaction (SUSAR) of hypotony in a patient during its INFINITY clinical trial for ADVM-022, a gene therapy targeting diabetic macular edema. The incident occurred 30 weeks post-treatment with the high dose of ADVM-022. To ensure patient safety, Adverum will unmask the Phase 2 study and review data thoroughly. The INFINITY trial had completed patient dosing by December 2020 and included 36 participants to assess the efficacy of ADVM-022 versus aflibercept.

The Sonic Fund II, L.P. currently holds approximately 6.8% of Adverum Biotechnologies' outstanding common stock (NASDAQ: ADVM). Sonic has issued a supplemental presentation correcting recent misstatements by Adverum and has nominated three independent candidates—Jean Bennett, Jodi Cook, and Herbert Hughes—for election to the Board of Directors at the 2021 Annual Meeting. The presentation is titled “Adverum’s Myths: Correcting the Record” and is available for review online.

The Sonic Fund II, owning 6.8% of Adverum Biotechnologies (NASDAQ: ADVM), has nominated three independent candidates for the Board to enhance governance. The investor presentation criticizes Adverum's management of ADVM-022, its wet AMD treatment, citing poor scientific development and miscommunication with investors. Sonic argues that adding independent directors is essential to improve accountability and strategic oversight to restore stockholder confidence. The presentation encourages stockholders to vote for the independent nominees using the GREEN proxy card.

Adverum Biotechnologies (Nasdaq: ADVM) encourages stockholders to vote for its three independent director nominees at the Annual Meeting on May 12, 2021. The company claims that its gene therapy candidate, ADVM-022, is making significant clinical progress, with a potential Biologics License Application submission in 2024. Adverum has delivered strong stockholder returns, outperforming peers, and is refining its board composition to enhance commercial expertise. The company argues that rival Sonic's nominees would undermine board diversity and operational success.

Adverum Biotechnologies (Nasdaq: ADVM) is urging stockholders to vote for its three director nominees in the upcoming Annual Meeting on May 12, 2021. The company believes Sonic's nominees lack the necessary qualifications to advance its commercialization of ADVM-022, a gene therapy targeting vision-saving treatments. Adverum emphasizes that its board is well-qualified, having recently appointed seven new independent directors. The company is poised for significant progress, aiming for a Biologics License Application submission in 2024, supporting the vision-saving therapy for wet AMD and DME.

The Sonic Fund II, L.P. has filed a definitive proxy statement aiming to elect three independent director nominees to the Board of Adverum Biotechnologies (NASDAQ: ADVM) during the 2021 Annual Meeting, scheduled for May 12, 2021. Sonic, owning approximately 6.8% of ADVM's common stock, expresses concerns over Adverum's lack of governance and operational progress, which they believe has diminished stockholder value. They propose nominees with significant expertise in gene therapy and financial leadership, criticizing the current Board for failing to consider these candidates and for using questionable tactics that may disenfranchise stockholders.