Adverum Biotech Stock Price, News & Analysis

Adverum Biotechnologies announced new nonclinical data supporting its Phase 2 LUNA trial of Ixo-vec for treating wet age-related macular degeneration (wet AMD). The data suggest that staggered bilateral administration of Ixo-vec is feasible, with promising tolerability and aflibercept levels within therapeutic ranges. The study identified a no-observed-adverse-effect level (NOAEL) at a human equivalent dose of 2E11, reinforcing the ongoing evaluation of both 2E11 and 6E10 doses. Approximately 10% of wet AMD patients convert to bilateral disease annually, highlighting the treatment's unmet need. These findings were presented at the ARVO 2023 Annual Meeting, further emphasizing Ixo-vec's potential to improve patient outcomes in a condition that affects around 20 million people globally.

Adverum Biotechnologies (NASDAQ: ADVM) announced that its investigational gene therapy, Ixo-vec, received an Innovation Passport from the UK's Medicines and Healthcare Products Regulatory Agency under the Innovative Licensing and Access Pathway. This designation aims to expedite regulatory processes and enhance patient access. Ixo-vec has also secured Fast Track designation from the FDA and PRIME designation from the EMA. The therapy shows promise with over 80% reduction in anti-VEGF injections in the OPTIC trial, suggesting potential for a functional cure for wet AMD. The ongoing LUNA trial will assess further outcomes, with interim results expected in Q3 2023.

Adverum Biotechnologies, Inc. (Nasdaq: ADVM) announced its presentation at the ARVO 2023 Annual Meeting concerning Ixoberogene soroparvovec (Ixo-vec), targeted at treating neovascular age-related macular degeneration. This presentation, scheduled for April 23, 2023, will highlight nonclinical data supporting a human equivalent dose of 6x10¹⁰ vg/eye and provide insights on aflibercept protein levels, durability, and tolerability following staggered bilateral administration. A press release will accompany the presentation, detailing findings. Additionally, on the same day, Adverum granted a stock option for 150,000 shares to a new employee, reflecting its commitment to attracting talent in line with Nasdaq's regulations.

Adverum Biotechnologies, Inc. (Nasdaq: ADVM) has announced the anticipated full enrollment of its Phase 2 LUNA trial for ixoberogene soroparvovec (Ixo-vec) in wet AMD by the second half of 2023. The company expects to release 14-week data in Q3 2023, including aflibercept levels, and preliminary efficacy and safety data in Q4 2023. With cash and equivalents of $185.6 million as of December 31, 2022, Adverum projects a runway into 2025. Research and development expenses slightly decreased to $22.2 million, with a net loss of $32.7 million for Q4 2022, reflecting ongoing clinical trial investments.

Adverum Biotechnologies (Nasdaq: ADVM), a clinical-stage company focusing on gene therapy for ocular diseases, announced CEO Laurent Fischer will present at two investor conferences in March 2023. The first is the Cowen 43rd Annual Health Care Conference on March 8 at 12:50 p.m. ET, followed by the Oppenheimer 33rd Virtual Annual Healthcare Conference on March 15 at 2:00 p.m. ET. Investors can access a replay of the webcast for 90 days post-presentation on the company's website. Adverum aims to redefine treatment for ocular diseases with its novel gene therapy candidate, ixoberogene soroparvovec, which could provide a one-time injection solution for wet age-related macular degeneration.

Adverum Biotechnologies (Nasdaq: ADVM) announced the grant of stock options to a new employee, totaling 150,000 shares. This grant adheres to the inducement grant exception under Nasdaq Rule 5635(c)(4), intended to incentivize the employee's commitment. The options come with an exercise price equivalent to the closing sales price on the grant date, vesting over four years based on continued employment. Adverum, focused on gene therapy for ocular diseases, is developing ixoberogene soroparvovec (Ixo-vec) as a one-time treatment for conditions like wet age-related macular degeneration, aiming to improve patient care and vision restoration.