Adverum Biotechnologies(US:ADVM) Newsfilter·2024-03-18 20:05Core Insights - Adverum Biotechnologies has made significant advancements in the development of Ixo-vec, a potential gene therapy for wet AMD, demonstrating promising clinical activity and safety in preliminary data presented at the Macula Society [1][2][3] Financial Highlights - The company completed a private placement financing of $127.5 million, which is expected to extend its cash runway into late 2025 [1][5] - As of December 31, 2023, cash, cash equivalents, and short-term investments were reported at $96.5 million, down from $117.1 million as of September 30, 2023, and $185.6 million as of December 31, 2022 [7][14] - The net loss for the fourth quarter of 2023 was $23.7 million, or $0.23 per share, compared to a net loss of $32.7 million, or $0.33 per share, for the same period in 2022 [7][15] Clinical Development Updates - Preliminary data from the LUNA Phase 2 trial of Ixo-vec showed a 90% reduction in annualized anti-VEGF injections for the 2E11 dose and a 94% reduction for the 6E10 dose, with 85% and 68% of patients receiving no supplemental injections, respectively [3][4] - The company plans to present a 26-week interim analysis of the LUNA Phase 2 program in mid-2024 and initiate a Phase 3 trial in the first half of 2025 [2][6] Corporate Developments - A 1-for-10 reverse stock split was approved, effective March 21, 2024, resulting in approximately 20.8 million shares outstanding [1][5] - Romuald Corbau, Ph.D., was appointed as Chief Scientific Officer in January 2024, bringing over 25 years of experience in drug development [5] Market Context - Wet AMD affects approximately 20 million individuals worldwide and is a leading cause of blindness in people over 65 years of age, with new cases expected to grow significantly as populations age [8][9] - Ixo-vec aims to provide a one-time treatment option that could reduce the need for frequent anti-VEGF injections, addressing a significant burden in current treatment paradigms [10][11]