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EX - 99.1 2 exhibit991_8521pressrelease.htm EX - 99.1 ADVERUM Exhibit 99.1 Adverum Reports Second Quarter 2021 Results REDWOOD CITY , Calif . , August 5 , 2021 – Adverum Biotechnologies , Inc. ( Nasdaq : ADVM ) , a clinical- stage gene therapy company targeting unmet medical needs in ocular and rare diseases , today reported financial results for the second quarter ended June 30 , 2021 . “ Adverum has an experienced team and is well capitalized to execute our current plans to prioritize the development of ADVM - 022 in wet age - related macular degeneration , ” said Laurent Fischer , M.D. , president and chief executive officer at Adverum Biotechnologies . “ Based on our current focus and timelines , we are able to extend our cash runway into 2024. The long - term data from OPTIC in patients with wet AMD show the potential for the low dose of ADVM - 022 to offer durable , disease - modifying treatment following a single , in - office intravitreal injection . The current standard of care for wet AMD requires frequent anti - VEGF injections in the eye , which are a burden for patients , caregivers , and healthcare systems and make access challenging for many patients . Our team is committed to patient safety and moving forward with the best possible path to deliver ADVM - 022 to patients with wet AMD , and potentially delivering a durable new treatment alternative to frequent injections for these patients in the future . " • • • Recent Developments At the Association for Research in Vision and Ophthalmology ( ARVO ) meeting in May , long - term OPTIC clinical data ( n = 30 , March 10 , 2021 data cut ) were presented demonstrating the potential of ADVM - 022 to greatly reduce the anti - VEGF intravitreal ( IVT ) injection burden for patients with wet AMD . Data demonstrated long - term durability and maintained efficacy with a majority of patients free of supplemental injection following a single , in - office IVT injection of ADVM - 022 in difficult - to - treat patients with wet AMD . Adverum is no longer planning to develop ADVM - 022 for diabetic macular edema ( DME ) or at the high dose ( 6 x 10 ^ 11 vg / eye ) . No similar clinically - relevant events like the dose - limiting toxicity ( DLT ) at the high dose in DME patients have been observed to date in patients with wet AMD , and patients in OPTIC have reached a follow - up period of between 1 and 2.5 years post treatment . Adverum is in active discussions to sublease the company's 174,000 - square - foot Good Manufacturing Practices ( GMP ) commercial manufacturing facility in Research Triangle Park , NC . Adverum will leverage its contract manufacturing organization ( CMO ) partners for ongoing supply of ADVM - 022 . Anticipated Milestones for ADVM - 022 : • Plan to present long - term OPTIC data in wet AMD in 2H21 , including 52 - week data from Cohort 4 ( high dose of 6 x 10 ^ 11 vg / eye with steroid eye drop prophylaxis , n = 9 ) , at a medical conference Plan to present INFINITY data in DME in 2H21 at a medical conference 1