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MENLO PARK, Calif., Aug. 08, 2018 (GLOBE NEWSWIRE) -- Adverum Biotechnologies, Inc. (Nasdaq: ADVM), a clinical-stage gene therapy company targeting unmet medical needs in serious rare and ocular diseases, today reported financial results for the second quarter ended June 30, 2018 and provided a corporate update.
“We continue to execute on our clinical, regulatory and manufacturing plans and remain on track to deliver on our goals in the second half of this year for our three lead gene therapies,” said Leone Patterson, interim president and chief executive officer of Adverum Biotechnologies. “In addition to our positive clinical updates announced last week, we are expanding our manufacturing capabilities at the 2000 liter scale and have secured a new facility to occupy in the second half of next year. We believe these accomplishments position us well for clinical momentum across our pipeline of gene therapies in 2019.”
2018 Outlook - Planned Pipeline Milestones
ADVM-043 for A1AT Deficiency
ADVM-053 for Hereditary Angioedema (HAE)
Adverum plans to attend the following upcoming conferences:
Financial Results for the Three Months Ended June 30, 2018
About Adverum Biotechnologies, Inc.
Adverum is a clinical-stage 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 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 “2018 Outlook - Planned Pipeline Milestones,” expectations as to the ability of its quarter-end cash position to fund the three lead gene therapy programs into 2020 and through the initial stage of scaling up manufacturing capabilities, and expectations on the timing of occupation of expected benefits to be obtained from its new facilities, 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 August 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|
|June 30,||December 31,|
|Cash and cash equivalents||$||155,451||$||70,519|
|Prepaid expenses and other current assets||3,046||3,256|
|Total current assets||237,922||193,741|
|Property and equipment, net||2,525||3,024|
|Deposits and other long-term assets||140||140|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Accounts payable and accrued liabilities||$||10,475||$||8,695|
|Current portion of deferred rent||146||129|
|Current portion of deferred revenue||753||1,850|
|Total current liabilities||11,374||10,674|
|Deferred rent, less current portion||146||222|
|Deferred revenue, less current portion||-||5,250|
|Deferred tax liability||1,250||1,250|
|Other non-current liabilities||368||481|
|Total liabilities and stockholders’ equity||$||246,585||$||201,905|
|ADVERUM BIOTECHNOLOGIES, INC.|
|CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS|
|(In thousands, except per share amounts)|
|Three Months Ended June 30,||Six Months Ended June 30,|
|Collaboration and license revenue||$||493||$||463||$||709||$||925|
|Research and development||11,217||8,492||24,011||17,553|
|General and administrative||9,179||4,064||14,547||12,053|
|Total operating expenses||20,396||12,556||38,558||29,606|
|Other income (expense), net||1,093||663||1,839||1,152|
|Net loss per share, basic and diluted||$||(0.30||)||$||(0.27||)||$||(0.60||)||$||(0.65||)|
|Weighted-average common shares outstanding, basic and diluted||62,366||43,009||59,907||42,579|
Contact for Adverum: Katherine Bock Vice President Investor Relations & Corporate Communications 650-656-9347 email@example.com