Adverum Biotechnologies
| Company type | Public |
|---|---|
| Industry | Biotechnology |
| Predecessor | Avalanche Biotechnologies |
| Founded | 2006 |
| Founder | Tom Chalberg, Mark Blumenkranz, Mitchell Finer, Steven Schwartz |
| Headquarters | Redwood City , United States |
Key people | Laurent Fischer (CEO) |
| Products | Gene therapies for ocular conditions and rare disorders |
Adverum Biotechnologies, Inc., previously known as Avalanche Biotechnologies, is a clinical-stage gene therapy firm publicly traded and based in Redwood City, California. The company specializes in developing treatments for serious ocular conditions and rare disorders, with a particular emphasis on wet age-related macular degeneration (wet AMD).
History
Established in 2006 by Tom Chalberg, Mark Blumenkranz, Mitchell Finer, and Steven Schwartz, Avalanche completed its initial public offering in 2014, securing $102 million in funding. Following mixed outcomes from its Phase IIa clinical trial, co-founder Tom Chalberg stepped down as CEO in 2015.
In May 2016, Avalanche acquired Annapurna Therapeutics and subsequently rebranded to Adverum Biotechnologies, updating its Nasdaq ticker symbol from AAVL to ADVM. Later that year, Amber Salzman, who had been CEO at Annapurna, assumed the role of CEO at Adverum. Salzman exited the company in May 2018 along with Chief Medical Officer Athena Countouriotis. Leone Patterson was named CEO in October 2018.
Adverum published six-month results from its phase I trial cohort in September 2019; however, investor concerns regarding vision decline and ocular inflammation among participants caused the stock price to drop by 50%. In June 2020, Laurent Fischer replaced Patterson as CEO.
The FDA granted Orphan Drug Designation to Adverum’s ADVM-062 for blue-cone monochromacy in January 2022. This therapy delivers a functional OPN1LW gene via intravitreal injection. By September 2022, Adverum had administered the first dose to a patient enrolled in the LUNA phase 2 clinical trial aimed at treating wet AMD.