Adverum Biotechnologies Reports Second Quarter 2018 Financial Results and Provides Corporate Update
“We continue to execute on our clinical, regulatory and manufacturing plans and remain on track to deliver on our goals in the second half of this year for our three lead gene therapies,” said
- In late
July 2018, Adverum submitted an Investigational New Drug (IND) application to the U.S. Food and Drug Administration( FDA) to evaluate ADVM-022 in patients with wet age-related macular degeneration (wAMD).
July 2018, Adverum completed the dosing and evaluation of patients (n=2) in Cohort 2 of the ADVANCE Phase 1/2 trial for ADVM-043 in alpha-1 antitrypsin (A1AT) deficiency. Based on a review of the preliminary safety information, the independent data monitoring committee (DMC) recommended proceeding to the next dose level, and the first patient was dosed in Cohort 3 in late July 2018.
June 2018, Adverum signed a lease on a new facility in Redwood City, California. This facility, which will be occupied in the second half of 2019, will serve as Adverum’s new corporate headquarters and will include over 80,000 square feet of office, manufacturing, and laboratory space. This facility will expand Adverum’s manufacturing capabilities, enabling the scale up of its manufacturing process at the 2000 liter scale, as well as offering the opportunity for future cGMP manufacturing of clinical trial material.
May 2018, Adverum presented new long-term preclinical data on ADVM-022 gene therapy in a non-human primate model of wAMD in a poster at the American Society of Gene & Cell Therapy(ASGCT) 21st Annual Meeting. The data showed that after 13 months, a single intravitreal injection of ADVM-022 was found to be safe and statistically significant (p<0.0001) in preventing the development of Grade IV lesions compared to the vehicle control group. The efficacy at 13 months was consistent with earlier-reported data, demonstrating that ADVM-022 induced long-term efficacy that was comparable to aflibercept, an FDA-approved anti-Vascular Endothelial Growth Factor (VEGF) for wAMD. ADVM-022 was well tolerated, with no serious adverse events.
2018 Outlook - Planned Pipeline Milestones
ADVM-043 for A1AT Deficiency
- Report preliminary data from patients in Cohorts 1 through 3 in the ADVANCE Phase 1/2 clinical trial of ADVM-043 in A1AT deficiency patients by the end of this year.
ADVM-053 for Hereditary Angioedema (HAE)
- Complete ongoing IND-enabling preclinical studies.
- Submit an IND application to the
FDAfor ADVM-053 in HAE inthe fourth quarter of 2018.
Adverum plans to attend the following upcoming conferences:
- Citi’s 13th Annual Healthcare Conference in
Boston, September 5-6, 2018
- Cantor Fitzgerald’s Annual Global Healthcare Conference in
New York, October 1-3, 2018
- Cell & Gene’s Meeting on the
Mesain La Jolla, October 3-5, 2018 European Society of Cell & Gene Therapyin Lausanne, Switzerland, October 16-19, 2018
- Piper Jaffray’s 30th Annual Healthcare Conference in
New York, November 27-28, 2018
Financial Results for the Three Months Ended
- Cash, cash equivalents and marketable securities were $234.9 million as of
June 30, 2018, compared to $247.0 millionas of March 31, 2018, and $190.5 millionas of December 31, 2017. Adverum expects this quarter-end cash position to fund the three lead gene therapy programs into 2020, including preliminary clinical data for at least two of these programs, and through the initial stage of scaling up manufacturing capabilities.
- Revenues, consisting of revenue from collaborative research, were $0.5 million for each of the three months ended June 30, 2018 and 2017.
- Research and development expenses were $11.2 million for the three months ended June 30, 2018, compared to
$8.5 millionfor the same period in 2017. This increase was primarily due to an overall increase in research and development activities, including clinical trial expenses for ADVM-043, clinical trial initiation expenses for ADVM-022, and material production costs for ADVM-022 and ADVM-053 for planned clinical trials.
- General and administrative expenses were $9.2 million for the three months ended June 30, 2018, compared to $4.1 million for the same period in 2017. This increase was primarily due to severance-related expenses, predominantly stock-based compensation expenses from the departure of the former chief executive officer, as well as other compensation benefit expenses and professional service fees.
- Net loss attributable to common stockholders was $18.8 million, or
$0.30per basic and diluted share, for the three months ended June 30, 2018, compared to $11.4 million, or $0.27per basic and diluted share, for the same period in 2017.
Adverum is a clinical-stage gene therapy company targeting unmet medical needs in serious rare and ocular diseases. Adverum has a robust pipeline that includes product candidates designed to treat rare diseases alpha-1 antitrypsin (A1AT) deficiency and hereditary angioedema (HAE) as well as wet age-related macular degeneration (wAMD). Leveraging a next-generation adeno-associated virus (AAV)-based directed evolution platform, Adverum generates product candidates designed to provide durable efficacy by inducing sustained expression of a therapeutic protein. Adverum has collaboration agreements with
Statements contained in this press release regarding events or results that may occur in the future are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements under the caption “2018 Outlook - Planned Pipeline Milestones,” expectations as to the ability of its quarter-end cash position to fund the three lead gene therapy programs into 2020 and through the initial stage of scaling up manufacturing capabilities, and expectations on the timing of occupation of expected benefits to be obtained from its new facilities, all of which are based on certain assumptions made by Adverum on current conditions, expected future developments and other factors Adverum believes are appropriate in the circumstances. Adverum may not consummate any plans or product or clinical development goals in a timely manner, or at all, or otherwise be able to carry out the intentions or meet the expectations or projections disclosed in its forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, the risk of a delay in the enrollment of patients in Adverum’s clinical studies or in the manufacturing of products to be used in such clinical studies, as well as the risks and uncertainties facing Adverum described more fully in Adverum’s periodic reports filed with the
|ADVERUM BIOTECHNOLOGIES, INC.|
|CONDENSED CONSOLIDATED BALANCE SHEETS|
|June 30,||December 31,|
|Cash and cash equivalents||$||155,451||$||70,519|
|Prepaid expenses and other current assets||3,046||3,256|
|Total current assets||237,922||193,741|
|Property and equipment, net||2,525||3,024|
|Deposits and other long-term assets||140||140|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Accounts payable and accrued liabilities||$||10,475||$||8,695|
|Current portion of deferred rent||146||129|
|Current portion of deferred revenue||753||1,850|
|Total current liabilities||11,374||10,674|
|Deferred rent, less current portion||146||222|
|Deferred revenue, less current portion||-||5,250|
|Deferred tax liability||1,250||1,250|
|Other non-current liabilities||368||481|
|Total liabilities and stockholders’ equity||$||246,585||$||201,905|
|ADVERUM BIOTECHNOLOGIES, INC.|
|CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS|
|(In thousands, except per share amounts)|
|Three Months Ended June 30,||Six Months Ended June 30,|
|Collaboration and license revenue||$||493||$||463||$||709||$||925|
|Research and development||11,217||8,492||24,011||17,553|
|General and administrative||9,179||4,064||14,547||12,053|
|Total operating expenses||20,396||12,556||38,558||29,606|
|Other income (expense), net||1,093||663||1,839||1,152|
|Net loss per share, basic and diluted||$||(0.30||)||$||(0.27||)||$||(0.60||)||$||(0.65||)|
|Weighted-average common shares outstanding, basic and diluted||62,366||43,009||59,907||42,579|
Contact for Adverum:
Katherine BockVice President Investor Relations & Corporate Communications 650-656-9347 firstname.lastname@example.org
Source: Adverum Biotechnologies, Inc.