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MENLO PARK, Calif., Nov. 08, 2017 (GLOBE NEWSWIRE) -- Adverum Biotechnologies, Inc. (Nasdaq:ADVM), a leading gene therapy company targeting unmet medical needs in serious rare and ocular diseases, today reported financial results for the third quarter ended September 30, 2017 and provided a corporate update.
“We continue to make progress advancing our gene therapy programs to reach our goal of transforming Adverum into a clinical-stage company by the end of this year,” said Amber Salzman, Ph.D., president and chief executive officer of Adverum Biotechnologies. “To accomplish this goal, this quarter we plan to begin patient enrollment in ADVANCE, a Phase 1/2 clinical trial for ADVM-043 for alpha-1 antitrypsin deficiency. Looking ahead, we plan to file two INDs with the FDA in the second half of 2018, for ADVM-022 in wet AMD and ADVM-053 in hereditary angioedema. We are well positioned and well capitalized to accelerate the development of our pipeline of novel gene therapies in 2018.”
Financial Results for the Three Months Ended September 30, 2017
About Adverum Biotechnologies, Inc.
Adverum is a leading gene therapy company targeting unmet medical needs in serious rare and ocular diseases. Adverum has a robust pipeline that includes product candidates designed to treat rare diseases alpha-1 antitrypsin (A1AT) deficiency and hereditary angioedema (HAE) as well as wet age-related macular degeneration (wAMD). Leveraging a next-generation adeno-associated virus (AAV)-based directed evolution platform, Adverum 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, the risk that Adverum will not be able to successfully develop or commercialize any of its product candidates and the risk that Adverum will be delayed in receiving or fail to receive required regulatory approvals. 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|
|September 30,||December 31,|
|Cash, cash equivalents and marketable securities||$||186,642||$||222,170|
|Receivable from collaborative partner||-||886|
|Prepaid expenses and other current assets||2,881||2,218|
|Total current assets||189,523||225,274|
|Property and equipment, net||3,347||4,169|
|Deposits and other long-term assets||340||140|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Accounts payable and accrued liabilities||$||7,642||$||7,925|
|Current portion of deferred rent||121||96|
|Current portion of deferred revenue||1,850||1,850|
|Total current liabilities||9,613||9,896|
|Deferred rent, less current portion||257||352|
|Deferred revenue, less current portion||5,711||7,099|
|Deferred tax liability||1,250||1,250|
|Total liabilities and stockholders’ equity||$||198,210||$||234,583|
|ADVERUM BIOTECHNOLOGIES, INC.|
|CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS|
|(In thousands, except per share amounts)|
|Three Months Ended September 30,||Nine Months Ended September 30,|
|Collaboration and license revenue||$||463||$||395||$||1,388||$||967|
|Research and development||10,272||8,362||27,825||23,772|
|General and administrative||4,762||6,146||16,815||19,578|
|Impairment of goodwill and intangible assets||-||394||-||49,514|
|Total operating expenses||15,034||14,902||44,640||92,864|
|Other income (expense), net||742||206||1,894||544|
|Net loss before income tax benefit||(13,829||)||(14,301||)||(41,358||)||(91,353||)|
|Income tax benefit||-||-||-||-|
|Net loss attributable to|
|Net loss per share attributable to common|
|stockholders, basic and diluted||$||(0.32||)||$||(0.35||)||$||(0.97||)||$||(2.66||)|
|Weighted-average common shares outstanding,|
|basic and diluted||43,381||41,416||42,849||34,382|
Contact for Adverum: Leone Patterson Chief Financial Officer 650-665-7222 firstname.lastname@example.orgNEXT ARTICLE
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