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MENLO PARK, Calif., March 06, 2017 (GLOBE NEWSWIRE) -- Adverum Biotechnologies, Inc. (Nasdaq:ADVM), a gene therapy company committed to discovering and developing novel medicines for patients suffering from diseases with few or burdensome treatment options, today reported financial results for the fourth quarter and year ended December 31, 2016 and provided a corporate update.
“We are laser-focused on advancing our three lead gene therapy programs, with a goal of becoming a clinical-stage company by the end of this year,” said Amber Salzman, Ph.D., president and chief executive officer of Adverum Biotechnologies. “Adverum has a robust pipeline of gene therapies, a platform of industry-leading technology and capabilities, and an experienced leadership team with expertise in developing gene therapies. We are excited to be doing this important work to develop potential new therapies for patients living with wet AMD and rare diseases alpha-1 antitrypsin (A1AT) deficiency and hereditary angioedema. Looking ahead this year, we are executing our plans to initiate patient enrollment during the fourth quarter in a Phase 1/2 clinical trial for ADVM-043 in patients with A1AT deficiency. Importantly, we believe our cash is sufficient to fund the development of our three lead programs through the end of 2019.”
Financial Results for the Three Months Ended December 31, 2016
Financial Results for the Twelve Months Ended December 31, 2016
About Adverum Biotechnologies, Inc.
Adverum is a gene therapy company committed to discovering and developing novel medicines that can offer life-changing benefits to patients living with rare diseases or diseases of the eye who currently have limited or burdensome treatment options. Adverum has a robust pipeline that includes product candidates designed to treat wet age-related macular degeneration (wAMD) and rare diseases alpha-1 antitrypsin (A1AT) deficiency and hereditary angioedema (HAE). Leveraging a next-generation adeno-associated virus (AAV)-based directed evolution platform, the Company generates product candidates designed to provide durable efficacy by inducing sustained expression of a therapeutic protein. Adverum has collaboration agreements with Regeneron Pharmaceuticals to research, develop, and commercialize gene therapy products for ophthalmic diseases and Editas Medicine to explore the delivery of genome editing medicines for the treatment of inherited retinal diseases. Adverum’s core capabilities include clinical development and in-house manufacturing expertise, specifically in process development and assay development. For more information please visit www.adverum.com.
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements regarding Adverum’s plans, potential opportunities, expectations, projections, goals, objectives, milestones, strategies, product pipeline, financial condition and results of operations, the sufficiency of its cash, cash equivalents and marketable securities, as well as the advancement of, and anticipated development and regulatory milestones and plans related to, Adverum’s product candidates and preclinical and clinical studies, and the commercial potential of its product candidates, all of which are based on certain assumptions made by Adverum on current conditions, expected future developments and other factors Adverum believes are appropriate in the circumstances. Adverum may not consummate any plans or product or clinical development goals in a timely manner, or at all, or otherwise carry out the intentions or meet the expectations or projections disclosed in its forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, the risk that Adverum’s resources will not be sufficient for Adverum to conduct or continue planned development programs and planned clinical trials, the risk of a delay in the enrollment of patients in Adverum’s clinical studies or in the manufacturing of products to be used in such clinical studies, and the risk that Adverum will not be able to successfully develop or commercialize any of its product candidates. Risks and uncertainties facing Adverum are described more fully in Adverum’s periodic reports filed with the SEC. All forward-looking statements contained in this press release speak only as of the date on which they were made. Adverum undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
|ADVERUM BIOTECHNOLOGIES, INC.|
|CONDENSED CONSOLIDATED BALANCE SHEETS|
|December 31,||December 31,|
|Cash, cash equivalents and marketable securities||$||222,170||$||259,080|
|Receivable from collaborative partner||886||449|
|Prepaid expenses and other current assets||2,218||1,463|
|Total current assets||225,274||260,992|
|Property and equipment, net||4,169||3,187|
|Deposits and other long-term assets||140||140|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Accounts payable and accrued liabilities||$||7,925||$||4,612|
|Current portion of deferred rent||96||66|
|Current portion of deferred revenue||1,850||883|
|Total current liabilities||9,896||6,574|
|Deferred rent, less current portion||352||447|
|Deferred revenue, less current portion||7,099||4,706|
|Deferred tax liability||1,250||-|
|Total liabilities and stockholders’ equity||$||234,583||$||264,319|
|ADVERUM BIOTECHNOLOGIES, INC.|
|CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS|
|(In thousands, except per share amounts)|
|Three Months Ended December 31,||Year Ended December 31,|
|Collaboration and license revenue||$||488||$||960||$||1,455||$||2,319|
|Research and development||7,898||7,192||31,670||25,462|
|General and administrative||4,777||5,374||24,355||22,107|
|Impairment of goodwill and intangible assets||11,200||-||60,714||-|
|Total operating expenses||23,875||15,139||116,739||50,142|
|Other income (expense), net||218||85||762||370|
|Net loss before income tax benefit||(23,169||)||(14,094||)||(114,522||)||(47,453||)|
|Income tax benefit||775||-||775||-|
|Net loss attributable to|
|Net loss per share attributable to common|
|stockholders, basic and diluted||$||(0.54||)||$||(0.55||)||$||(3.14||)||$||(1.86||)|
|Weighted-average common shares outstanding,|
|outstanding, basic and diluted||41,758||25,777||36,246||25,479|
Contacts for Adverum: Leone Patterson Chief Financial Officer Adverum Biotechnologies, Inc. 650-665-7222 firstname.lastname@example.org Jill Steier Senior Vice President The Trout Group LLC 646-378-2946 email@example.comNEXT ARTICLE
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