Adverum Biotechnologies reports Q1 EPS (31c), consensus (27c)

Cash, cash equivalents and short-term investments were $297.1M as of March 31, compared to $166M as of December 31, 2019. In February, Adverum raised approximately $140.9M in net proceeds from an underwritten public offering. Adverum expects this quarter-end cash position to fund operations into 2022. "I'm thankful for the strong commitment and resilience our employees have exhibited towards advancing our pipeline despite the challenges of COVID 19," said Leone Patterson, president and CEO, Adverum Biotechnologies. "We continue to execute on our goal to develop and commercialize our novel gene therapy candidate ADVM-022 as a potential one-time treatment for patients with wet age-related macular degeneration (AMD) and DME, the two largest indications for anti-VEGF treatment. With the recent approval of our Investigational New Drug application for ADVM-022, we have initiated INFINITY in DME, a high-need subgroup of patients within the larger DR population. Additionally, we look forward to presenting data from all four cohorts of the OPTIC Phase 1 trial for ADVM-022 in wet AMD by the end of this year."