Adverum Biotechnologies, Inc. - ADVM STOCK NEWS

Adverum Biotechnologies (Nasdaq: ADVM) has launched a public offering of $200 million of its common stock, with a potential additional 15% available to underwriters. The offering, conducted by Goldman Sachs, Cowen, SVB Leerink, and Piper Sandler, is subject to market conditions. This follows a previous shelf registration statement filed with the SEC in August 2019. The final terms will be disclosed in a subsequent prospectus. The company is focusing on addressing unmet medical needs in ocular and rare diseases.

Adverum Biotechnologies (ADVM) reported positive interim data from its OPTIC Phase 1 clinical trial of ADVM-022, a gene therapy for wet age-related macular degeneration (AMD). The data indicate long-term durability beyond 15 months post-single injection, with a robust treatment response and a significant reduction in the need for anti-VEGF rescue injections. Financially, cash reserves stood at $280.1 million as of June 30, 2020, enabling operation funding into 2022. However, the company recorded a net loss of $29.2 million for the second quarter, reflecting increased R&D and administrative expenses.

Adverum Biotechnologies (Nasdaq: ADVM) announced a conference call on August 10, 2020, at 1:30 pm PT to discuss its Q2 2020 financial results and provide a corporate update. This call will focus on the company's gene therapy candidate, ADVM-022, aimed at treating wet age-related macular degeneration and diabetic macular edema. Investors can access the live webcast through the company's website and are encouraged to join 15 minutes early for the call.

Adverum Biotechnologies (Nasdaq: ADVM) announced the appointment of Thomas Kochy as vice president of commercial and program strategy. This new position focuses on leading commercial planning and product strategy. Kochy brings over 15 years of experience in the biopharmaceutical industry, notably in ophthalmology at Genentech. He holds an MBA from the University of California, Berkeley. As part of his onboarding, Kochy received a stock option to purchase 100,000 shares of ADVM's common stock.

The company is advancing clinical trials for its gene therapy candidate ADVM-022.

Adverum Biotechnologies (Nasdaq: ADVM) has randomized the first patient in the INFINITY clinical trial to evaluate ADVM-022 for diabetic macular edema (DME). DME affects about 5% of individuals with diabetes, a condition impacting over 30 million people in the U.S. The INFINITY trial aims to assess the effectiveness of a single injection of ADVM-022 compared to standard therapy. With the goal of reducing treatment burden, the company expects to present data from the trial in the second half of 2021. This advancement highlights Adverum's commitment to addressing significant unmet medical needs in vision loss therapies.

Adverum Biotechnologies (Nasdaq: ADVM) announced the completion of patient dosing in Cohort 4 of the OPTIC Phase 1 trial for ADVM-022, aimed at treating wet age-related macular degeneration (AMD). This trial involves a single intravitreal injection designed to reduce dependence on frequent anti-VEGF treatments. The trial’s primary focus is on safety and tolerability, with preliminary data suggesting significant long-term benefits from the therapy. Adverum plans to release comprehensive results from all cohorts by the end of 2020, potentially transforming treatment paradigms for wet AMD.

Adverum Biotechnologies (Nasdaq: ADVM) announced the appointment of Heikki Jouttijärvi as vice president of manufacturing effective June 25, 2020. He will lead the manufacturing and supply chain strategy, reporting to CTO Angela Thedinga. Jouttijärvi has over 25 years of global pharmaceutical experience and was previously VP at Menlo Therapeutics. He received a stock option for 100,000 shares as an inducement. This leadership change aims to bolster manufacturing capabilities as Adverum progresses its gene therapy candidate ADVM-022 through clinical trials.

Adverum Biotechnologies (Nasdaq: ADVM) has appointed Dr. Laurent Fischer as CEO, succeeding Leone Patterson, who remains President. Dr. Fischer brings over 20 years of biopharmaceutical experience, having previously held senior positions at Allergan and Tobira Therapeutics. This leadership change aims to enhance the development of ADVM-022, a gene therapy targeting wet age-related macular degeneration and diabetic macular edema. The board is optimistic about leveraging Fischer's expertise to optimize growth and patient outcomes.

Adverum Biotechnologies (Nasdaq: ADVM) announced the initiation of the INFINITY Phase 2 trial for ADVM-022, targeting diabetic macular edema (DME), the leading cause of vision loss in diabetic retinopathy. This randomized, controlled trial will enroll approximately 33 patients to evaluate the efficacy of a single intravitreal injection of ADVM-022 compared to aflibercept. The company also reported Q1 2020 financials, with a net loss of $22.9 million and cash reserves of $297.1 million, expected to fund operations into 2022. Positive interim data from the OPTIC Phase 1 trial for wet AMD was presented, with full cohort results anticipated by year-end.