Adverum Completes Enrollment of Phase 2 Clinical Trial; Reports Q2 2023 Financial Results

Adverum Biotechnologies (Nasdaq: ADVM) has completed enrollment in its Phase 2 LUNA clinical trial evaluating ixoberogene soroparvovec (Ixo-vec) for the treatment of wet age-related macular degeneration (AMD). The company also reported financial results for the second quarter ended June 30, 2023.

Laurent Fischer, M.D., president and chief executive officer of Adverum Biotechnologies, said, “We are pleased to announce completion of enrollment in our Phase 2 LUNA trial. This double-masked, randomized trial includes a primary cohort of approximately 60 subjects enrolled in the United States.”

Adverum anticipates reporting preliminary efficacy and safety data for a percentage of the cohort in the LUNA trial in Q4 2023.

 Highlights

In April 2023, the United Kingdom’s Medicines and Healthcare Products Regulatory Agency granted Ixo-vec an Innovation Passport under the Innovative Licensing and Access Pathway (ILAP).

Adverum unveiled IVT gene therapy programs for the treatment of Geographic Atrophy (GA) and for optogenetics at the ASGCT 2023 Annual Meeting.

In June 2023, Adverum announced that it granted a non-exclusive, royalty-bearing license of its AAV.7m8 IVT vector capsid to Ray Therapeutics.

 Cash, cash equivalents and short-term investments were $141.5 million as of June 30, 2023. Adverum expects its cash position to fund operations into 2025.

Net Loss was $31.5 million for the three months ended June 30, 2023, compared to $43.8 million for the same period in 2022.

Wet AMD is a leading cause of blindness in people over 65 years of age, with approximately 20 million individuals worldwide living with this condition.

About Adverum Biotechnologies

Adverum Biotechnologies (NASDAQ: ADVM) is a clinical-stage company that aims to establish gene therapy as a new standard of care for highly prevalent ocular diseases with the aspiration of developing functional cures to restore vision and prevent blindness. Leveraging the capabilities of its proprietary intravitreal (IVT) platform, Adverum is developing durable, single-administration therapies, designed to be delivered in physicians’ offices, to eliminate the need for frequent ocular injections to treat these diseases. Adverum is evaluating its novel gene therapy candidate,ixoberogene soroparvovec (Ixo-vec, formerly referred to as ADVM-022), as a one-time, IVT injection for patients with neovascular or wet age-related macular degeneration. Additionally, by overcoming the challenges associated with current treatment paradigms for debilitating ocular diseases, Adverum aspires to transform the standard of care, preserve vision, and create a profound societal impact around the globe. For more information, please visit www.adverum.com.

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Adverum Completes Enrollment of Phase 2 Clinical Trial; Reports Q2 2023 Financial Results

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