Adverum Biotechnologies(US:ADVM) GlobeNewswire News Room·2024-11-04 21:39Core Viewpoint - Adverum Biotechnologies is advancing its gene therapy candidate Ixo-vec for the treatment of wet age-related macular degeneration (AMD), with significant clinical data updates and a focus on commercialization strategies. Corporate Highlights - Jason Mitchell has been appointed as Chief Commercial Officer, bringing over 20 years of experience in retinal disease, including the launch of SYFOVRE® [3] - The company has $153.2 million in cash and equivalents, expected to fund operations into late 2025 [4][9] - The planned initiation of the pivotal Phase 3 trial is set for the first half of 2025 [4] Upcoming Anticipated Milestones - In Q4 2024, Adverum will present LUNA 52-week data, OPTIC 4-year clinical data, and updates on the Phase 3 trial design [4] - The initiation of the Phase 3 trial is planned for the first half of 2025 [4] Financial Results - For Q3 2024, cash and cash equivalents increased to $153.2 million from $96.5 million at the end of 2023 [4][9] - Research and development expenses were $20.4 million, slightly down from $20.7 million in Q3 2023 [4][10] - General and administrative expenses decreased to $9.8 million from $13.8 million in the same period last year [4][10] - The net loss for Q3 2024 was $27.1 million, or $1.30 per share, compared to a net loss of $32.9 million, or $3.26 per share, in Q3 2023 [4][10] About Wet AMD - Wet AMD is a leading cause of blindness in individuals over 65, with approximately 20 million affected globally [5] - The incidence of new cases is expected to rise significantly as populations age, with AMD projected to impact 288 million people by 2040 [5] About Ixo-vec - Ixo-vec is a gene therapy product candidate designed for a one-time intravitreal injection to treat wet AMD, aiming to reduce the need for frequent anti-VEGF injections [6] - The therapy has received Fast Track and RMAT designations from the FDA, as well as PRIME designation from the European Medicines Agency [6]