Adverum Biotechnologies, Inc. - ADVM STOCK NEWS

Adverum Biotechnologies, Inc. (ADVM) has urged shareholders to vote for its nominated directors at the virtual Annual Meeting on May 12, 2021. The Board recommends the WHITE proxy card for Dawn Svoronos, Reed Tuckson, M.D., and Tom Woiwode, Ph.D., emphasizing their qualifications and independence. Adverum stated that a competing slate from activist shareholder Sonic poses risks to the company’s strategic direction and progress, particularly regarding the development of ADVM-022, a gene therapy targeting vision loss. The company aims to accelerate its commercialization and clinical trials as it prepares for FDA submission.

The Sonic Fund II, L.P., holding approximately 6.7% of Adverum Biotechnologies' (NASDAQ: ADVM) shares, has filed a preliminary proxy statement with the SEC ahead of the 2021 Annual Meeting scheduled for mid-May to early June. Sonic advises shareholders to ensure their shares are not loaned out to facilitate voting at the meeting, as shares on loan cannot be voted. The record date for eligibility to vote is April 14, 2021. Shareholders are encouraged to contact Saratoga Proxy Consulting for assistance in ensuring their shares are in proper voting order.

Adverum Biotechnologies (Nasdaq: ADVM) has appointed Anand Reddi as vice president of patient advocacy and Bill Tan, PharmD, as vice president of clinical operations. Reddi will develop patient-centered strategies for global access to gene therapies targeting wet AMD and diabetic macular edema. Tan will oversee clinical development programs. The company is set to initiate two global Phase 3 trials for wet AMD in Q4 2021 and present DME clinical data later in the year. This leadership enhancement supports Adverum's commitment to make treatments accessible and advance gene therapy commercialization.

Adverum Biotechnologies, Inc. (Nasdaq: ADVM) announced a stock option grant to a new employee on March 15, 2021. The grant includes an option to purchase 80,000 shares of common stock at the market closing price on the grant date. This stock option is part of an inducement grant under Nasdaq Rule 5635(c)(4), aimed at attracting talent essential for the company's growth. Adverum is focused on gene therapy for ocular and rare diseases, notably advancing its candidate ADVM-022 for wet age-related macular degeneration and diabetic macular edema.

Adverum Biotechnologies announces nomination of three independent directors for reelection at the 2021 Annual Meeting of Stockholders. The company is focused on commercializing gene therapy products for ocular diseases. Adverum has made progress in advancing ADVM-022 and plans to conduct Phase 3 trials in wet age-related macular degeneration. The company is also investing in a new manufacturing facility. The Sonic Fund intends to nominate five director candidates, which Adverum opposes.

Adverum Biotechnologies (Nasdaq: ADVM) announced alignment with the FDA on its clinical development plan for ADVM-022, a gene therapy for wet age-related macular degeneration (AMD). The company plans to initiate two global Phase 3 trials, enrolling a total of 900 patients, targeted to start in Q4 2021. A Biologics License Application (BLA) is anticipated in 2024. Adverum is also expanding its capabilities with an in-house GMP manufacturing facility to support the potential commercialization of ADVM-022.

Adverum Biotechnologies (Nasdaq: ADVM) will host a conference call on March 1, 2021, at 1:30 pm PT/4:30 pm ET to discuss the progress of its gene therapy candidate ADVM-022 for wet age-related macular degeneration (AMD) and to report Q4 2020 financial results. Key Opinion Leader Dr. Arshad M. Khanani will participate in the call. Investors can access the live webcast on the company’s website. The archived audio will be available for 30 days post-call.

Adverum Biotechnologies (Nasdaq: ADVM) announced the appointment of Dr. Reed V. Tuckson to its Board of Directors. Dr. Tuckson, a seasoned healthcare leader with 13 years at UnitedHealth Group, will leverage his expertise to assist in the global commercialization of ADVM-022, a gene therapy aimed at treating wet age-related macular degeneration (AMD) and diabetic macular edema (DME). This strategic addition aims to strengthen Adverum's leadership in commercialization and healthcare policy, enhancing patient access and care delivery.

Adverum Biotechnologies (Nasdaq: ADVM) has appointed Christopher J. DeRespino as its new Chief Business Officer, effective immediately. DeRespino brings over 15 years of pharmaceutical experience, having previously served in leadership roles at Amgen and Onyx Pharmaceuticals. His focus will be on advancing corporate strategy and global business development, especially concerning ADVM-022, a gene therapy aimed at treating wet AMD. The company has also granted him stock options for 425,000 shares, effective upon his employment.