Adverum Biotechnologies reported strong financial results in Q3 2024 with positive upcoming milestones.

From GlobeNewswire: 2024-11-04 16:39:00

Adverum Biotechnologies reported financial results for Q3 2024, with $153.2 million in cash to fund operations into late 2025. Anticipated milestones include LUNA and OPTIC data updates in Q4 2024, and Phase 3 trial initiation in 1H 2025. Jason Mitchell appointed as Chief Commercial Officer to oversee Ixo-vec launch strategy.

Wet AMD, a leading cause of blindness, affects millions worldwide. Adverum’s gene therapy candidate, Ixo-vec, aims to reduce the burden of frequent eye injections. FDA granted Fast Track and RMAT designations, recognizing its potential. Ixo-vec utilizes IVT injection, offering long-term efficacy and improved vision outcomes for wet AMD patients.

Financially, Adverum’s cash, cash equivalents, and short-term investments totaled $153.2 million as of September 30, 2024, compared to $96.5 million in December 2023. Research and development expenses decreased, while general and administrative expenses also declined. Net loss for Q3 2024 was $27.1 million.

Upcoming milestones for Adverum include LUNA 52-week data update, OPTIC 4-year clinical data update, and Phase 3 pivotal trial design update in Q4 2024. The company is on track to initiate a Phase 3 trial in 1H 2025 with Ixo-vec, its gene therapy candidate for wet AMD. Jason Mitchell was recently appointed as the Chief Commercial Officer to lead the launch strategy for Ixo-vec.



Read more at GlobeNewswire:: Adverum Biotechnologies Reports Third Quarter 2024