Adverum Biotechnologies Explained

Type:Public
Traded As:NASDAQ:
Russell 2000 Component
Hq Location:Redwood City, California
Num Employees:100

Adverum Biotechnologies, Inc., formerly known as Avalanche Biotechnologies,[1] is a publicly traded[2] clinical stage gene therapy company located in Redwood City, California.[3] The company is targeting unmet medical needs for serious ocular and rare diseases, including wet age-related macular degeneration (wet AMD).[4]

History

Avalanche Biotechnologies was founded in 2006 by Tom Chalberg, Mark Blumenkranz, Mitchell Finer, and Steven Schwartz. Avalanche went public through an IPO in 2014, raising $102 million.[5]

In 2015, co-founder Tom Chalberg stepped down as CEO following Phase IIa trial results that were labeled as "iffy".[6]

In May 2016, Avalanche acquired Annapurna Therapeutics and changed its name to Adverum Biotechnologies.[7] It also changed its ticker symbol on the Nasdaq exchange from AAVL to ADVM. In October 2016, former Annapurna Therapeutics CEO Amber Salzman became CEO of Adverum.[8]

In May 2018, CEO Amber Salzman left Adverum, and Chief Medical Officer Athena Countouriotis resigned after less than one year in the job.[9] In October 2018, Leone Patterson was named the new CEO of Adverum.[10]

In September 2019, Adverum announced six-month data from the first cohort of its phase I trial.[11] The stock price dropped 50% due to investor concerns over deterioration of vision that these trial subjects suffered, as well as several reports of occular inflammation.

In June 2020, Laurent Fischer replaced Patterson as CEO of Adverum.[12]

In January 2022, the FDA granted Orphan Drug Designation to Adverum's ADVM-062, developed as a single intravitreal administration for blue-cone monochromacy by delivering a functional copy of the OPN1LW gene.[13]

In September 2022, Adverum announced that its first patient was dosed in the LUNA phase 2 clinical trial; the trial evaluates development for the treatment of wet age-related macular degeneration.[14] [15]

Notes and References

  1. Web site: Adverum delays start of gene therapy PhI/II by one year, blames manufacturing. 2021-04-23. FierceBiotech. 14 October 2016 . en.
  2. Web site: Adverum Biotechnologies, Inc (AAVL). NASDAQ.com. 4 January 2016.
  3. Web site: Adverum Biotechnologies Moves to New Headquarters and Expands Laboratory Space in Redwood City, CA. finance.yahoo.com. en-US. 2020-02-25.
  4. Web site: ADVM-022 Intravitreal Gene Therapy for Wet AMD - Full Text View - ClinicalTrials.gov. clinicaltrials.gov. en. 2020-02-25.
  5. Web site: Garde. Damian. 2014-07-31. Gene therapy biotech Avalanche banks $102M in an up-sized IPO. live. 2021-04-26. FierceBiotech. en. https://web.archive.org/web/20210413065225/https://www.fiercebiotech.com/r-d/gene-therapy-biotech-avalanche-banks-102m-an-up-sized-ipo . 2021-04-13 .
  6. Web site: Leuty. Ron. 2015-07-27. As CEO exits, gene therapy company continues tumble. 2021-04-23. San Francisco Business Times.
  7. Web site: 2016-05-12. Avalanche Biotechnologies Closes Transaction With Annapurna Therapeutics and Changes Name to Adverum Biotechnologies. 2020-02-25. GlobeNewswire News Room.
  8. Web site: Post-merger, gene therapy player Adverum makes Amber Salzman CEO, delays a clinical trial start. 2021-04-23. Endpoints News. en.
  9. Web site: Taylor. Nick Paul. 2018-05-04. Adverum loses CEO, CMO in quick-fire departures. live. 2021-04-23. FierceBiotech. en. https://web.archive.org/web/20180504160558/https://www.fiercebiotech.com/biotech/adverum-loses-ceo-cmo-quick-fire-departures . 2018-05-04 .
  10. Web site: Adverum CEO Leone Patterson leaves her post exechange. 2021-04-23. exechange.com.
  11. Web site: 2019-09-12. Adverum cannot hide under an avalanche of concerns. 2021-04-24. Evaluate.com. en.
  12. Web site: 2020-06-15. Adverum Biotechnologies Announces Leadership Transition. 2021-04-23. GlobeNewswire News Room. en.
  13. News: Adverum Biotechnologies gets Orphan Drug Designation from FDA for gene therapy candidate. David Hutton. January 6, 2022. Ophthalmology Times.
  14. News: Adverum Biotechnologies announces first subject dosed with Ixo-vec in the Phase 2 LUNA trial for treatment of wet AMD. David Hutton. September 16, 2022. Ophthalmology Times.
  15. News: First Patient Dosed in Wet AMD Gene Therapy LUNA Trial. Noah Stansfield. September 16, 2022. CGTlive.

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