Adverum Biotechnologies

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Adverum Biotechnologies
Nasdaq: ADVM
Russell 2000 Component
IndustryBiotechnology, Gene Therapy
Founded2006
Founders
HeadquartersRedwood City, CA
Key people
  • Laurent Fischer
  • (Chief Executive Officer)
  • Leone Patterson
  • (President & CFO)
  • Peter Soparkar
  • (Chief Legal Officer)
  • Angela Thedinga
  • (Chief Technology Officer)[1]
Number of employees
100
Websiteadverum.com

Adverum Biotechnologies, formerly known as Avalanche Biotechnologies,[2] is a publicly traded (NASDAQ:ADVM)[3] clinical stage gene therapy company located in Redwood City, California.[4] The company is targeting unmet medical needs for serious ocular and rare diseases, including wet age-related macular degeneration (wet AMD)[5] and diabetic macular edema (DME).[6]

History[]

Avalanche Biotechnologies was founded in 2006 by Tom Chalberg, Mark Blumenkranz, Mitchell Finer, and Steven Schwartz.[citation needed] Avalanche went public through an IPO in 2014, raising $102 million.[7]

In 2015, co-founder Tom Chalberg stepped down as CEO following Phase IIa trial results that were labeled as "iffy".[8]

In May 2016, Avalanche acquired and changed its name to Adverum Biotechnologies.[9] It also changed its ticker symbol on the Nasdaq exchange from AAVL to ADVM.[9] In October 2016, former Annapurna Therapeutics CEO Amber Salzman became CEO of Adverum.[10]

In May 2018, CEO Amber Salzman left Adverum, and Chief Medical Officer Athena Countouriotis resigned after less than one year in the job.[11] Leone Patterson was named the new CEO of Adverum.[12]

In September 2019, Adverum announced six month data from the first cohort of its phase I trial.[13] The stock price dropped 50% due to investor concerns over deterioration of vision that these trial subjects suffered, as well as several reports of occular inflammation.[13]

In June 2020, Laurent Fischer replaced Patterson as CEO of Adverum.[14]

References[]

  1. ^ "Our Leadership Team". Adverum Biotechnologies. Retrieved 7 April 2021.
  2. ^ "Adverum delays start of gene therapy PhI/II by one year, blames manufacturing". FierceBiotech. Retrieved 2021-04-23.
  3. ^ "Adverum Biotechnologies, Inc (AAVL)". NASDAQ.com. Retrieved 4 January 2016.
  4. ^ "Adverum Biotechnologies Moves to New Headquarters and Expands Laboratory Space in Redwood City, CA". finance.yahoo.com. Retrieved 2020-02-25.
  5. ^ "ADVM-022 Intravitreal Gene Therapy for Wet AMD - Full Text View - ClinicalTrials.gov". clinicaltrials.gov. Retrieved 2020-02-25.
  6. ^ Adverum Biotechnologies, Inc. (2021-01-27). "A Phase 2, Multi-Center, Randomized, Double-Masked, Active Controlled Study of ADVM-022 (AAV.7m8-aflibercept) in Subjects With Diabetic Macular Edema [INFINITY]". Cite journal requires |journal= (help)
  7. ^ Garde, Damian (2014-07-31). "Gene therapy biotech Avalanche banks $102M in an up-sized IPO". FierceBiotech. Retrieved 2021-04-26.
  8. ^ Leuty, Ron (2015-07-27). "As CEO exits, gene therapy company continues tumble". San Francisco Business Times. Retrieved 2021-04-23.
  9. ^ a b Inc, Adverum Biotechnologies (2016-05-12). "Avalanche Biotechnologies Closes Transaction With Annapurna Therapeutics and Changes Name to Adverum Biotechnologies". GlobeNewswire News Room. Retrieved 2020-02-25.
  10. ^ "Post-merger, gene therapy player Adverum makes Amber Salzman CEO, delays a clinical trial start". Endpoints News. Retrieved 2021-04-23.
  11. ^ Taylor, Nick Paul (2018-05-04). "Adverum loses CEO, CMO in quick-fire departures". FierceBiotech. Retrieved 2021-04-23.
  12. ^ "Adverum CEO Leone Patterson leaves her post | exechange". exechange.com. Retrieved 2021-04-23.
  13. ^ a b "Adverum cannot hide under an avalanche of concerns". Evaluate.com. 2019-09-12. Retrieved 2021-04-24.
  14. ^ Inc, Adverum Biotechnologies (2020-06-15). "Adverum Biotechnologies Announces Leadership Transition". GlobeNewswire News Room. Retrieved 2021-04-23.
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