Summary
Adverum Biotechnologies, Inc. (formerly Avalanche Biotechnologies) is a gene therapy company specializing in ocular and rare diseases. Founded in 2006, it went public in 2014 and changed its name in 2016. Adverum targets wet age-related macular degeneration (wet AMD) and other serious diseases.
History and Milestones
Avalanche Biotechnologies was founded by a team of experienced biotechnologists. In 2014, it raised $102 million through an IPO. After disappointing Phase IIa trial results, the company acquired Annapurna Therapeutics and rebranded as Adverum. In 2019, Adverum announced Phase I trial data with mixed results, leading to a significant stock price drop.
Leadership and Acquisitions
Adverum has experienced several CEO transitions, with Leone Patterson being appointed in 2018 and Laurent Fischer succeeding him in 2020. In 2016, it acquired Annapurna Therapeutics, which expanded its pipeline and led to a name change.
Research and Developments
Adverum's research focuses on gene therapies to treat serious diseases. In 2022, the FDA granted Orphan Drug Designation to ADVM-062 for blue-cone monochromacy. Additionally, the company is conducting a Phase 2 clinical trial for wet AMD, with the first patient dosed in September 2022.
Challenges and Opportunities
Adverum's trials have faced challenges, including concerns over adverse effects and safety. However, the company remains optimistic about its gene therapy pipeline and the potential to address unmet medical needs in ocular and other rare diseases. Its ongoing research and clinical trial advancements hold promise for the development of innovative and effective therapies.