Globe Newswire 8-Nov-2018 4:10 PM
MENLO PARK, Calif., Nov. 08, 2018 (GLOBE NEWSWIRE) -- Adverum Biotechnologies, Inc. (NASDAQ:ADVM), a clinical-stage gene therapy company targeting unmet medical needs in ophthalmology and rare diseases, today reported financial results for the third quarter ended September 30, 2018 and provided a corporate update.
"2018 has been a year focused on progressing our internal drug development including obtaining an open IND and Fast Track designation for our ADVM-022 wet AMD program," said Leone Patterson, chief executive officer of Adverum Biotechnologies. "I am also pleased to announce the appointment of Mehdi Gasmi, Ph.D. to president and chief scientific officer. Under Mehdi's leadership, the Adverum team worked together to design the Company's first proprietary gene therapy candidate, ADVM-022, designed as a single intravitreal injection treatment for patients living with wet AMD. We look forward to initiating the OPTIC Phase 1 trial, with ADVM-022, this quarter targeting its initial indication, wet AMD. Our team is deeply committed to advancing our technology in ophthalmology and rare diseases to improve the quality of life for patients, and our strong cash position enables us to fund operations at least through the first half of 2020."
"I am very excited about this opportunity and to continue leading the Adverum organization with Leone and the rest of the executive team," said Mehdi Gasmi, Ph.D., president and chief scientific officer of Adverum Biotechnologies. "I am pleased with our recent accomplishments in translating our wet AMD program into the clinic and I look forward to continuing to develop transformational gene therapies to benefit patients living with serious unmet medical needs."
Future Outlook - Planned Pipeline Milestones
Wet AMD Program
Rare Disease Programs
Adverum plans to attend the following upcoming conferences:
Financial Results for the Three Months Ended September 30, 2018
About Adverum Biotechnologies, Inc.
Adverum is a clinical-stage gene therapy company targeting unmet medical needs in ophthalmology and rare diseases. 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 events or results that may occur in the future 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 under the caption "Future Outlook - Planned Pipeline Milestones," expectations as to the ability of Adverum's quarter-end cash position to fund operations at least through the first half of 2020 and expectations on the timing for initiating the OPTIC clinical trial and the Company's plans to conduct additional preclinical studies to determine the best gene therapy candidate to advance for the rare disease programs, 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 be able to 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 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, as well as the risks and uncertainties facing Adverum described more fully in Adverum's periodic reports filed with the Securities and Exchange Commission (SEC), especially under the caption "Risk Factors" in its latest Quarterly Report on Form 10-Q filed with the SEC on November 8, 2018. 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 and cash equivalents||$||159,673||$||70,519|
|Prepaid expenses and other current assets||4,292||3,256|
|Total current assets||222,174||193,741|
|Property and equipment, net||2,594||3,024|
|Deposits and other long-term assets||140||140|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Accounts payable and accrued liabilities||$||9,513||$||8,695|
|Current portion of deferred rent||482||129|
|Current portion of deferred revenue||70||1,850|
|Total current liabilities||10,065||10,674|
|Deferred rent, less current portion||102||222|
|Deferred revenue, less current portion||-||5,250|
|Deferred tax liability||-||1,250|
|Other non-current liabilities||187||481|
|Total liabilities and stockholders' equity||$||225,907||$||201,905|
|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||$||833||$||463||$||1,542||$||1,388|
|Research and development||14,480||10,272||38,491||27,825|
|General and administrative||4,826||4,762||19,373||16,815|
|Impairment of intangible asset||5,000||-||5,000||-|
|Total operating expenses||24,306||15,034||62,864||44,640|
|Other income (expense), net||1,265||742||3,104||1,894|
|Net loss before income tax benefit||(22,208||)||(13,829||)||(58,218||)||(41,358||)|
|Income tax benefit||1,250||-||1,250||-|
|Net loss per share, basic and diluted||$||(0.34||)||$||(0.32||)||$||(0.94||)||$||(0.97||)|
|Weighted-average common shares outstanding,|
|basic and diluted||62,454||43,381||60,856||42,849|
Contact for Adverum: Katherine Bock Vice President Investor Relations & Corporate Communications 650-656-9347 email@example.com
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