Adverum Biotechnologies provides operational outlook for 2018
Adverum Biotechnologies reviewed recent progress and provided an outlook for 2018. CEO Amber Salzman stated, "In 2017, our newly-assembled team achieved our stated goal of transforming Adverum into a clinical-stage company. Last month we began patient enrollment in ADVANCE, our Phase 1/2 clinical trial of ADVM-043 in alpha-1 antitrypsin deficiency. We expect to report preliminary data from the ADVANCE trial in 2H18. In addition, we are accelerating the development of our pipeline of gene therapies and plan to submit two investigational new drug applications with the FDA in 2H18, for ADVM-022 in wet AMD and ADVM-053 in hereditary angioedema. With our platform of industry-leading technology and experienced leadership team, we are well positioned to advance our pipeline of novel gene therapies in 2018".Adverum's cash, cash equivalents and marketable securities were $186.6M as of September 30. The company's current cash position is expected to fund the three lead gene therapy programs through the end of 2019 and through the achievement of meaningful clinical data in patients for at least one of the company's lead programs.