Adverum Biotechnologies

Last updated
Adverum Biotechnologies
Company type Public
Nasdaq:  ADVM
Russell 2000 Component
Industry
  • Biotechnology
  • Gene Therapy
Founded2006;18 years ago (2006)
Founders
Headquarters Redwood City, California
Key people
Number of employees
100
Website adverum.com

Adverum Biotechnologies, Inc., formerly known as Avalanche Biotechnologies, [2] is a publicly traded [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]

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. [6]

In 2015, co-founder Tom Chalberg stepped down as CEO following Phase IIa trial results that were labeled as "iffy". [7]

In May 2016, Avalanche acquired Annapurna Therapeutics and changed its name to Adverum Biotechnologies. [8] It also changed its ticker symbol on the Nasdaq exchange from AAVL to ADVM. [8] In October 2016, former Annapurna Therapeutics CEO Amber Salzman became CEO of Adverum. [9]

In May 2018, CEO Amber Salzman left Adverum, and Chief Medical Officer Athena Countouriotis resigned after less than one year in the job. [10] In October 2018, Leone Patterson was named the new CEO of Adverum. [11]

In September 2019, Adverum announced six-month data from the first cohort of its phase I trial. [12] 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. [12]

In June 2020, Laurent Fischer replaced Patterson as CEO of Adverum. [13]

In January 2022, the FDA granted Orphan Drug Designation to Adverum's ADVM-062, developed as a single intravitreal administration for blue-cone monochromacy by delivering a functional copy of the OPN1LW gene. [14]

In September 2022, Adverum announced that its first patient was dosed in the LUNA phase 2 clinical trial; the trial evaluates development for the treatment of wet age-related macular degeneration. [15] [16]

Related Research Articles

The National Eye Institute (NEI) is part of the U.S. National Institutes of Health (NIH), an agency of the U.S. Department of Health and Human Services. The mission of NEI is "to eliminate vision loss and improve quality of life through vision research." NEI consists of two major branches for research: an extramural branch that funds studies outside NIH and an intramural branch that funds research on the NIH campus in Bethesda, Maryland. Most of the NEI budget funds extramural research.

<span class="mw-page-title-main">Intravitreal administration</span>

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Stargardt disease is the most common inherited single-gene retinal disease. In terms of the first description of the disease, it follows an autosomal recessive inheritance pattern, which has been later linked to bi-allelic ABCA4 gene variants (STGD1). However, there are Stargardt-like diseases with mimicking phenotypes that are referred to as STGD3 and STGD4, and have a autosomal dominant inheritance due to defects with ELOVL4 or PROM1 genes, respectively. It is characterized by macular degeneration that begins in childhood, adolescence or adulthood, resulting in progressive loss of vision.

Ranibizumab, sold under the brand name Lucentis among others, is a monoclonal antibody fragment (Fab) created from the same parent mouse antibody as bevacizumab. It is an anti-angiogenic that is approved to treat the "wet" type of age-related macular degeneration, diabetic retinopathy, and macular edema due to branch retinal vein occlusion or central retinal vein occlusion.

<span class="mw-page-title-main">Pegaptanib</span> Drug to treat macular degeneration

Pegaptanib sodium injection is an anti-angiogenic medicine for the treatment of neovascular (wet) age-related macular degeneration (AMD). It was discovered by NeXstar Pharmaceuticals and licensed in 2000 to EyeTech Pharmaceuticals, now OSI Pharmaceuticals, for late stage development and marketing in the United States. Gilead Sciences continues to receive royalties from the drugs licensing. Outside the US pegaptanib is marketed by Pfizer. Approval was granted by the U.S. Food and Drug Administration (FDA) in December 2004.

Astellas Institute for Regenerative Medicine is a subsidiary of Astellas Pharma located in Marlborough, Massachusetts, US, developing stem cell therapies with a focus on diseases that cause blindness. It was formed in 1994 as a company named Advanced Cell Technology, Incorporated (ACT), which was renamed to Ocata Therapeutics in November 2014. In February 2016 Ocata was acquired by Astellas for $379 million USD.

Aflibercept, sold under the brand names Eylea among others, is a medication used to treat wet macular degeneration and metastatic colorectal cancer. It was developed by Regeneron Pharmaceuticals and is approved in the United States and the European Union.

<span class="mw-page-title-main">Squalamine</span> Chemical compound

Squalamine is a steroid-polyamine conjugate compound with broad spectrum antimicrobial activity and anti-angiogenic activity. It was studied as a potential cancer drug and as a potential treatment for wet macular degeneration but as of 2018 had not succeeded in Phase III trials for any use.

Retinal gene therapy holds a promise in treating different forms of non-inherited and inherited blindness.

<span class="mw-page-title-main">Lineage Cell Therapeutics</span> Clinical-stage biotechnology company developing novel cell therapies

Lineage Cell Therapeutics, Inc. is a clinical-stage biotechnology company developing novel cell therapies for unmet medical needs. Lineage’s programs are based on its robust proprietary cell-based therapy platform and associated in-house development and manufacturing capabilities. With this platform Lineage develops and manufactures specialized, terminally differentiated human cells from its pluripotent and progenitor cell starting materials. These differentiated cells are developed to either replace or support cells that are dysfunctional or absent due to degenerative disease or traumatic injury or administered as a means of helping the body mount an effective immune response to cancer.

Anti–vascular endothelial growth factor therapy, also known as anti-VEGF therapy or medication, is the use of medications that block vascular endothelial growth factor. This is done in the treatment of certain cancers and in age-related macular degeneration. They can involve monoclonal antibodies such as bevacizumab, antibody derivatives such as ranibizumab (Lucentis), or orally-available small molecules that inhibit the tyrosine kinases stimulated by VEGF: sunitinib, sorafenib, axitinib, and pazopanib.

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<span class="mw-page-title-main">Sangamo Therapeutics</span> American cell and gene therapy company

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<span class="mw-page-title-main">CRISPR Therapeutics</span> Swiss-American biotechnology company

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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. 14 October 2016. 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. Garde, Damian (2014-07-31). "Gene therapy biotech Avalanche banks $102M in an up-sized IPO". FierceBiotech. Archived from the original on 2021-04-13. Retrieved 2021-04-26.
  7. Leuty, Ron (2015-07-27). "As CEO exits, gene therapy company continues tumble". San Francisco Business Times. Retrieved 2021-04-23.
  8. 1 2 "Avalanche Biotechnologies Closes Transaction With Annapurna Therapeutics and Changes Name to Adverum Biotechnologies". GlobeNewswire News Room. 2016-05-12. Retrieved 2020-02-25.
  9. "Post-merger, gene therapy player Adverum makes Amber Salzman CEO, delays a clinical trial start". Endpoints News. Retrieved 2021-04-23.
  10. Taylor, Nick Paul (2018-05-04). "Adverum loses CEO, CMO in quick-fire departures". FierceBiotech. Archived from the original on 2018-05-04. Retrieved 2021-04-23.
  11. "Adverum CEO Leone Patterson leaves her post | exechange". exechange.com. Retrieved 2021-04-23.
  12. 1 2 "Adverum cannot hide under an avalanche of concerns". Evaluate.com. 2019-09-12. Retrieved 2021-04-24.
  13. "Adverum Biotechnologies Announces Leadership Transition". GlobeNewswire News Room. 2020-06-15. Retrieved 2021-04-23.
  14. David Hutton (January 6, 2022). "Adverum Biotechnologies gets Orphan Drug Designation from FDA for gene therapy candidate". Ophthalmology Times.
  15. David Hutton (September 16, 2022). "Adverum Biotechnologies announces first subject dosed with Ixo-vec in the Phase 2 LUNA trial for treatment of wet AMD". Ophthalmology Times.
  16. Noah Stansfield (September 16, 2022). "First Patient Dosed in Wet AMD Gene Therapy LUNA Trial". CGTlive.