NEW YORK, April 25, 2025 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of  Adverum Biotechnologies, Inc. (“Adverum” or the “Company”) (NASDAQ: ADVM).  Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980. The investigation concerns whether Adverum and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.  [Click here for information about joining the class action] ...

LOS ANGELES, April 15, 2025 /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Adverum Biotechnologies, Inc. ("Adverum" or "the Company") (NASDAQ: ADVM) for violations of the securities laws.The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Adverum disclosed in an SEC filing on March 31, 2025, that "certain ...

Financial Performance - Cash, cash equivalents, and short-term investments were $125.7 million as of December 31, 2024, down from $153.2 million as of September 30, 2024, and up from $96.5 million as of December 31, 2023[4] - Net loss for the three months ended December 31, 2024, was $40.9 million, or $1.96 per share, compared to a net loss of $24.5 million, or $2.42 per share, for the same period in 2023[8] - Total stockholders' equity increased to $70.7 million as of December 31, 2024, compared to $67.2 million as of December 31, 2023[12] Expenses - Research and development expenses increased to $24.1 million for the three months ended December 31, 2024, compared to $15.3 million for the same period in 2023[8] - General and administrative expenses rose to $18.5 million for the three months ended December 31, 2024, compared to $11.7 million for the same period in 2023[8] Clinical Trials - The ARTEMIS trial, the first registrational intravitreal gene therapy trial for wet AMD, will evaluate Ixo-vec in approximately 284 patients[3] - The primary endpoint of the ARTEMIS trial is the mean change from baseline of best corrected visual acuity (BCVA) at one year with a non-inferiority margin of -4.5 letters[3] - The company plans to initiate the global AQUARIUS Phase 3 trial in the second half of 2025[5] - Results from the Phase 2 LUNA trial support the selection of the 6E10 dose, demonstrating potential best-in-class efficacy and favorable long-term safety[5] Regulatory Designations - Ixo-vec has received Fast Track and Regenerative Medicine Advanced Therapy (RMAT) designations from the FDA for the treatment of wet AMD[6]

Core Viewpoint - Adverum Biotechnologies is advancing its gene therapy candidate Ixo-vec for the treatment of wet age-related macular degeneration (AMD), with promising clinical trial results and a strong pipeline of upcoming studies aimed at redefining treatment standards for patients [2][3][6]. Financial Results - As of December 31, 2024, Adverum reported cash, cash equivalents, and short-term investments of $125.7 million, a decrease from $153.2 million as of September 30, 2024, but an increase from $96.5 million as of December 31, 2023 [8]. - Research and development expenses for Q4 2024 were $24.1 million, up from $15.3 million in Q4 2023, attributed to higher material production and preparation for Phase 3 trials [8]. - General and administrative expenses rose to $18.5 million in Q4 2024 from $11.7 million in Q4 2023, driven by increased consultant fees and a non-cash tenant improvement allowance [8]. - The net loss for Q4 2024 was $40.9 million, or $1.96 per share, compared to a net loss of $24.5 million, or $2.42 per share, for the same period in 2023 [8][11]. Pipeline Highlights - The ARTEMIS trial, the first registrational intravitreal gene therapy trial for wet AMD, has been initiated, evaluating Ixo-vec against aflibercept in approximately 284 patients [3]. - The primary endpoint of ARTEMIS is the mean change from baseline in best corrected visual acuity (BCVA) at one year, with a non-inferiority margin of -4.5 letters [3]. - Long-term data from the LUNA trial support the selected 6E10 dose for the pivotal program, showing potential best-in-class efficacy and favorable long-term safety [3][4]. Upcoming Milestones - The global AQUARIUS Phase 3 trial is expected to be initiated in the second half of 2025, with the presentation of two-year long-term follow-up data from the LUNA trial planned for Q4 2025 [8][9]. Product Overview - Ixo-vec, a gene therapy product candidate, is designed for a one-time intravitreal injection to treat wet AMD, aiming to provide long-term efficacy and reduce the burden of frequent anti-VEGF injections [6][7]. - The therapy has received Fast Track and Regenerative Medicine Advanced Therapy designations from the FDA, as well as PRIME designation from the EMA [6]. Company Overview - Adverum Biotechnologies is focused on establishing gene therapy as a new standard of care for prevalent ocular diseases, with aspirations to develop functional cures to restore vision and prevent blindness [7].

Financial Restatement and Internal Controls - Adverum Biotechnologies identified non-cash errors in accounting for tenant improvement allowances related to an operating lease, necessitating restatement of financial statements for the years ended December 31, 2022 and 2023[15]. - The restated financial statements include corrections for misstatements affecting non-cash assets, liabilities, and general and administrative expenses[19]. - The Audit Committee concluded that the misstatements indicate a material weakness in internal control over financial reporting as of December 31, 2024[20]. - The company has identified a material weakness in internal control over financial reporting, which could adversely affect investor confidence and the value of its common stock if not remedied[30]. - Adverum's financial statements for the restated periods should be relied upon, as previously issued statements are no longer valid[18]. Financial Performance and Going Concern - Adverum has incurred significant operating losses since inception and expects to continue incurring losses for the foreseeable future[29]. - The company faces substantial doubt regarding its ability to continue as a going concern without raising additional funding[29]. Drug Development Challenges - Drug development is characterized by long timelines and high costs, with potential delays or failures at any stage[29]. - The company relies on third parties for various aspects of research and development, which may impact the success of clinical trials[29]. Intellectual Property and Competitive Landscape - Adverum's success is contingent on its ability to protect its intellectual property and proprietary technologies[29]. - The company anticipates facing intense competition from larger pharmaceutical companies and other entities in the biopharmaceutical industry[112]. - The proprietary AAV.7m8 vector is expected to compete with existing anti-VEGF therapies, which are widely accepted as standard-of-care treatments for wet AMD[113]. Clinical Trials and Product Development - The lead product candidate, Ixo-vec, is designed for a single in-office intravitreal injection to treat wet age-related macular degeneration (wet AMD), with top-line results from the LUNA Phase 2 trial showing a reduction in annualized anti-VEGF injections by 88% and 92% for the 6E10 and 2E11 doses, respectively[36]. - The OPTIC trial demonstrated that nearly 50% of patients were injection-free four years after Ixo-vec treatment, with an 86% reduction in annualized anti-VEGF injections[35]. - Ixo-vec has received several regulatory designations, including Fast Track designation from the FDA and Priority Medicines (PRIME) designation from the EMA, aimed at expediting its development and review[38]. - The company aims to initiate the second Phase 3 trial, AQUARIUS, in the second half of 2025, following the initiation of the ARTEMIS trial in March 2025[37]. - The ARTEMIS Phase 3 trial aims to enroll 284 patients, focusing on non-inferiority in mean BCVA change between Ixo-vec (6E10) and aflibercept (2mg Q8W)[93]. Market Potential and Treatment Demand - Approximately 20 million individuals worldwide are living with wet AMD, and the incidence of age-related macular degeneration is expected to impact 288 million people globally by 2040, with wet AMD accounting for about 10% of those cases[33]. - The global sales of standard-of-care anti-VEGF therapies for wet AMD were approximately $14 billion in 2023, highlighting the demand for effective treatments[40]. - Wet AMD affects approximately 20 million individuals worldwide, with an expected increase in incidence as populations age, potentially impacting 288 million people by 2040[52]. Manufacturing and Production - The company is focused on developing scalable manufacturing processes for Ixo-vec to meet the needs of a large patient population affected by wet AMD[39]. - The AAV manufacturing process utilizes the Baculovirus Expression Vector System (BEVS), designed for high yield and cost-effectiveness, capable of producing AAV vectors at a scale of up to 2000 liters[115]. - The company has produced multiple batches of Ixo-vec at proposed commercial scale for use in Phase 3 clinical trials[111]. - The company maintains control over key aspects of the manufacturing process, including scalable processes and GMP quality controls, while contracting clinical manufacturing to third parties[107]. Regulatory Environment and Compliance - The FDA regulates gene therapy products under the FD&C Act and PHS Act, requiring an investigational new drug application (IND) before human clinical testing[138]. - Clinical trials are conducted in three phases, with Phase 3 trials being pivotal for FDA approval[144]. - The FDA aims to review Biologics License Applications (BLAs) within six months for priority reviews and ten months for standard reviews, starting from the acceptance of the application[154]. - The centralized procedure for Marketing Authorization (MA) in the EU allows a single application to be submitted to the EMA, with a maximum evaluation timeframe of 210 days[164]. - The FDA has established expedited development and review programs for new drugs addressing serious or life-threatening conditions[174]. Pricing and Market Access Challenges - Increased scrutiny on drug pricing practices by U.S. federal prosecutors could negatively impact revenue and future profitability if regulatory proposals limit price increases[204]. - The company may need to conduct expensive pharmacoeconomic studies to demonstrate the medical necessity and cost-effectiveness of its products for third-party payer coverage[208]. - Legislative changes related to the Affordable Care Act could affect the number of individuals with health coverage, impacting the company's ability to commercialize product candidates[210]. - The Budget Control Act of 2011 triggered automatic reductions of Medicare payments to providers by 2% per fiscal year, effective April 1, 2013, and will remain in effect through 2032 unless further congressional action is taken[212].

NEW YORK, April 8, 2025 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Adverum Biotechnologies, Inc. ("Adverum" or the "Company") (NASDAQ: ADVM). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.The investigation concerns whether Adverum and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. [Click here for information about joining the class action] On March 31, ...

REDWOOD CITY, Calif., March 31, 2025 (GLOBE NEWSWIRE) -- Adverum Biotechnologies, Inc. (NASDAQ:ADVM), a clinical-stage company pioneering the use of gene therapy as a new standard of care for highly prevalent ocular diseases, today announced that the company will participate in a fireside chat at the 2025 RBC Capital Markets Ophthalmology Virtual Conference on Thursday, April 3 at 10:45 a.m. ET. The webcast of the fireside chat may be accessed under Events and Presentations in the Investors section of Adver ...

Ixo-vec is a potential best-in-class one-time gene therapy designed to deliver long-term efficacy, reduce the burden of frequent anti-VEGF and improve vision outcomes for patients with wet AMDARTEMIS is the first-ever initiation of a registrational intravitreal gene therapy trial in patients with wet AMDNon-inferiority study to evaluate a single Ixo-vec injection compared to on-label aflibercept 2mg in both treatment-naïve and previously treated patients REDWOOD CITY, Calif., March 03, 2025 (GLOBE NEWSWIRE) ...

REDWOOD CITY, Calif., Feb. 25, 2025 (GLOBE NEWSWIRE) -- Adverum Biotechnologies, Inc. (Nasdaq: ADVM), a clinical-stage company pioneering the use of gene therapy as a new standard of care for highly prevalent ocular diseases, today announced that the company will present at the Cowen 45th Annual Healthcare Life Sciences Conference on Tuesday, March 4 at 11:50 a.m. ET. The webcast of the presentation may be accessed under Events and Presentations in the Investors section of Adverum’s website. A replay of the ...

REDWOOD CITY, Calif., Feb. 05, 2025 (GLOBE NEWSWIRE) -- Adverum Biotechnologies, Inc. (Nasdaq: ADVM), a clinical-stage company pioneering the use of gene therapy as a new standard of care for highly prevalent ocular diseases, today announced that the company will present at the Oppenheimer 35th Annual Healthcare Life Sciences Conference on Tuesday, February 11, at 4:40 p.m. ET. The webcast of the presentation may be accessed under Events and Presentations in the Investors section of Adverum’s website. A rep ...