Adverum Biotechnologies Inc (NASDAQ:ADVM) posted financial report for the fourth quarter closed December 31, 2017 and issued a corporate update. Revenues, comprising of revenue from collaborative research, came at $0.5 million for the quarter closed December 31, 2017, versus $0.5 million for the comparable period in 2016.
Adverum reported that research and development expenses came at $12 million for the quarter closed December 31, 2017 versus $7.9 million for the comparable period in 2016. This jump was due to an overall jump in research and development activities for the firm’s gene therapy programs, mainly for material production expenses for the ADVANCE clinical study for ADVM-043. Amber Salzman, Ph.D., the CEO and President of Adverum, expressed that they enter 2018 with considerable momentum following a year of major execution to transform company into a clinical-stage firm.
In ADVANCE, their Phase 1/2 clinical study of ‘ADVM-043’ in alpha-1 antitrypsin deficiency, they have closed registration in the initial dose cohort and have commenced patient registration in the second intermediate-dose cohort. They are on track to post preliminary report from this trial in the second 2H2018.
In addition, the company intend to file two Investigational NDAs with the FDA in 2H2018, for ADVM-053 in hereditary angioedema and ADVM-022 in wet AMD. They start this thrilling year of clinical development and regulatory advancement in a strong position, supported to execute their three lead plans through the close of 2019 with initial clinical report for at least two of these plans.
Cash/cash equivalents and marketable securities came at $190.5 million as of the close of December 31, 2017 versus $186.6 million as of the close of September 30, 2017 and around $222 million as of the close of December 31, 2016. The cash available, added with net proceeds of approximately 64 million raised in this February, is anticipated to support the three lead gene therapy plans through the close of 2019.