Adverum Biotechnologies, Inc. - ADVM STOCK NEWS

Adverum Biotechnologies, Inc. (Nasdaq: ADVM) reported its Q1 2022 financial results, indicating a net loss of $37.9 million, equating to $0.38 per share. Cash reserves amounted to $271.1 million, expected to last into 2024. The company is on track to initiate a Phase 2 trial for ADVM-022 in wet AMD, with dosing of the first patient planned for Q3 2022. Positive FDA feedback was received regarding the trial, and ADVM-062 received Orphan Drug Designation for blue cone monochromacy.

Adverum Biotechnologies, Inc. (Nasdaq: ADVM) has granted 130,000 stock options to a new employee as an inducement for joining the company. This grant was made on May 9, 2022, in accordance with Nasdaq Rule 5635(c)(4). The options have an exercise price equal to the stock's closing price on the grant date and will vest over four years, contingent on the employee's continued service. Adverum focuses on gene therapies for ocular and rare diseases, including its candidate ADVM-022 for wet age-related macular degeneration.

Adverum Biotechnologies (Nasdaq: ADVM) announced the presentation of new data at the ASGCT 2022 Annual Meeting from May 16-19, 2022. Key highlights include findings from the OPTIC study evaluating the impact of neutralizing antibodies on ADVM-022's efficacy in treating wet age-related macular degeneration (AMD). Adverum plans to initiate a Phase 2 trial in Q3 2022, testing a higher and a lower dose of ADVM-022. Additionally, the company will present data on ADVM-062, aimed at blue cone monochromacy, which received Orphan Drug Designation from the FDA in January 2022.

Adverum Biotechnologies (Nasdaq: ADVM) presented new findings from the OPTIC study of ADVM-022 for wet age-related macular degeneration (AMD) at the ARVO 2022 meeting. The analysis demonstrated an 81% reduction in mean annualized anti-VEGF injections for all patients and up to 94% for those with baseline neutralizing antibodies (NAbs) <1:125. No safety concerns were linked to NAbs levels. Moving forward, Adverum plans to initiate a Phase 2 clinical trial with the first patient expected to be dosed in Q3 2022.

Adverum Biotechnologies announced that Szilárd Kiss, M.D. will present new analyses from the Phase 1 OPTIC Trial of ADVM-022 in wET AMD at the ARVO 2022 Annual Meeting on May 1, 2022. The trial showed over 80% reduction in annual anti-VEGF injections with the 2E11 dose. New data indicate a correlation between neutralizing antibodies (NAbs) and treatment efficacy. ADVM-022 was well tolerated, with no need for steroids post-treatment. Additionally, on April 18, 2022, Adverum granted stock options to an employee as part of an inducement grant.

Adverum Biotechnologies (Nasdaq: ADVM) has announced plans to complete the Investigational New Drug (IND) amendment process by mid-2022, allowing them to initiate the Phase 2 trial of ADVM-022 for wet age-related macular degeneration (wet AMD) in the third quarter of 2022. Following feedback from the FDA, the trial will evaluate two dosage levels of ADVM-022, aiming for a single intravitreal injection as a durable treatment option. The planned trial responds to the urgent need for long-lasting treatments for wet AMD patients.

Adverum Biotechnologies (Nasdaq: ADVM) reported its Q4 and full-year 2021 financial results, highlighting a net loss of $34.4 million, or $0.35 per share, compared to $37.6 million, or $0.39 per share in Q4 2020. The company plans to initiate a Phase 2 trial for ADVM-022 in wet age-related macular degeneration (AMD) in Q3 2022, bolstered by positive Phase 1 OPTIC trial results showing over 80% reduction in anti-VEGF injections. Cash reserves were $305.2 million at year-end, sufficient to fund operations into 2024.

Adverum Biotechnologies (Nasdaq: ADVM) has appointed Dr. Rabia Gurses Ozden and Ms. Soo J. Hong as independent members of its Board of Directors. Dr. Ozden brings 20 years of experience in ophthalmology and gene therapy, while Ms. Hong specializes in human capital management and executive development. Their expertise is expected to support the advancement of ADVM-022, a gene therapy candidate for treating wet age-related macular degeneration, toward a Phase 2 trial. The company aims to enhance its clinical development and talent retention strategies.

Adverum Biotechnologies (Nasdaq: ADVM) announced that its CEO, Laurent Fischer, M.D., will participate in a panel discussion at the 42nd Annual Cowen Healthcare Conference on March 7, 2022, at 2:10 p.m. ET. The discussion will focus on auditory and ophthalmology topics, highlighting Adverum's commitment to addressing unmet medical needs in ocular and rare diseases. The event will be accessible via a live webcast, with a replay available for 30 days post-event. The conference runs from March 7-9, 2022, showcasing various healthcare industry insights.