Adverum Biotechnologies Announces Leadership Transition
June 15 2020 - 3:01PM
Adverum Biotechnologies, Inc. (Nasdaq: ADVM), a clinical-stage gene
therapy company targeting unmet medical needs in ocular and rare
diseases, today announced that Laurent Fischer, M.D. has joined the
company as its chief executive officer and a member of the board of
directors. Leone Patterson, who has served for four years in
executive leadership roles at Adverum, most recently as the
company’s CEO, will continue to serve as the company’s president.
“We are delighted to welcome an experienced industry leader
of Laurent's caliber to our team at Adverum,” said Patrick Machado,
J.D., Board Chair of Adverum. “The skills that Laurent brings to
our company as a physician and experienced public company CEO will
be invaluable additions to our existing executive team, and set us
up well for future success as we enter the next phase of our
growth.”
Mr. Machado continued, “We are also equally thrilled to be able
to retain Leone's substantial expertise in her continued role as
president. The accomplishments Adverum has achieved during Leone's
tenure as CEO have been formidable, including generating strongly
positive clinical data in the OPTIC Phase 1 study evaluating
ADVM-022 for the treatment of wet age-related macular degeneration
(AMD), recruiting our entire executive team, and driving market
value significantly. Adverum has a substantial opportunity to
meaningfully elevate the standard of care for patients at risk of
losing their vision. The board is convinced that Laurent, Leone and
our existing executive team bring the right combination of
experience and talent to optimize this unique opportunity for
patients, physicians and all stakeholders.”
Dr. Fischer added, “I am delighted to join the team at Adverum
at this pivotal stage of the company’s growth. This high-performing
team has done a phenomenal job executing on developing ADVM-022, a
potential one-time treatment for wet AMD and diabetic macular edema
(DME). I believe Adverum can significantly disrupt the anti-VEGF
market with ADVM-022, offering a more patient-centric treatment
approach to preserve vision in patients with serious ocular
diseases. During my career, I have developed and commercialized
novel, first-in-class drugs in multiple therapeutic categories with
significant unmet medical need. I look forward to providing my
strategic experience as we continue the course of making ADVM-022
available to patients.”
Ms. Patterson commented, “It has been exciting to lead Adverum’s
transformation and the advancement of ADVM-022 from a pre-clinical
to a clinical-stage asset, targeting two large ocular disease
indications. I am grateful to have led our industry-leading team
with a shared commitment to develop a single intravitreal injection
gene therapy for patients with wet AMD and DME. I look forward to
partnering with Laurent in my role as president, leading the
company’s key operational functions as we head towards later-stage
development.”
Dr. Fischer has more than 20 years of drug development and
commercialization experience in the biopharmaceutical industry.
Most recently, Dr. Fischer was senior vice president and head of
the Liver Therapeutic Area at Allergan, PLC. Previously, he served
as chairman and chief executive officer of Tobira Therapeutics
until its acquisition by Allergan in November 2016. Previously, he
served as chairman and chief executive officer of Jennerex, Inc.,
until its acquisition by SillaJen Biotherapeutics, Inc. Prior to
Jennerex, he was co-founder, president and chief executive officer
of Ocera Therapeutics and president and chief executive officer of
Auxeris Therapeutics, Inc. Over the span of his career, Dr. Fischer
has held roles of increasing responsibility at several companies,
including RXCentric, Inc. (now part of Allscripts Healthcare
Solutions, Inc.), MedVantx Inc., Dupont Pharmaceuticals,
Dupont-Merck, and F. Hoffmann-La Roche.
Dr. Fischer received his undergraduate degree from the
University of Geneva and his medical degree from the Geneva Medical
School, Switzerland.
Dr. Fischer currently serves as chairman of the board of CTI
Biopharma, as director at Mirum Pharmaceuticals, Inc. and Lycia
Therapeutics, and as senior advisor on the Life Sciences Team at
Frazier Healthcare Partners.
Today, the company has granted Dr. Fischer a stock option
to purchase 1,200,000 shares of Adverum’s common stock pursuant to
the inducement grant exception under Nasdaq Rule 5635(c)(4), as an
inducement that is material to his entering into employment with
Adverum. The option has a per share exercise price equal to the
closing sales price of Adverum’s common stock on the Nasdaq Stock
Market on the grant date, and will vest over four years, subject to
his continued service with Adverum.
About Adverum BiotechnologiesAdverum
Biotechnologies (Nasdaq: ADVM) is a clinical-stage gene therapy
company targeting unmet medical needs in serious ocular and rare
diseases. Adverum is advancing the clinical development of its
novel gene therapy candidate, ADVM-022, as a one-time, intravitreal
injection for the treatment of patients with wet age-related
macular degeneration and diabetic macular edema. For more
information, please visit www.adverum.com.
Forward-looking StatementsStatements contained
in this press release regarding the events or results that may
occur in the future are “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such statements include but are not limited to statements
regarding: the potential for ADVM-022 in treating patients with wet
AMD and DME; and Adverum’s expectations as to the benefits it
expects from the management transition. Actual results could
differ materially from those anticipated in such forward-looking
statements as a result of various risks and uncertainties, which
include risks inherent to, without limitation: Adverum’s novel
technology, which makes it difficult to predict the time and cost
of product candidate development and obtaining regulatory approval;
the results of early clinical trials not always being predictive of
future results; the potential for future complications or side
effects in connection with use of ADVM-022; obtaining regulatory
approval for gene therapy product candidates; enrolling patients in
clinical trials; reliance on third parties for conducting the OPTIC
and INFINITY trials and vector production; the effects of the
COVID-19 pandemic on the company’s operations and on the company’s
ongoing clinical trials; and ability to fund operations through
completion of the OPTIC and INFINITY trials and thereafter. Risks
and uncertainties facing Adverum are described more fully in
Adverum’s Form 10-Q filed with the SEC on May 28,
2020 under the heading “Risk Factors.” All forward-looking
statements contained in this press release speak only as of the
date on which they were made. Adverum undertakes no obligation to
update such statements to reflect events that occur or
circumstances that exist after the date on which they were
made.
Investor and Media Inquiries:
Investors:
Myesha Lacy
Adverum Biotechnologies, Inc.
mlacy@adverum.com
1-650-304-3892
Media:
Cherilyn Cecchini, M.D.
LifeSci Communications
ccecchini@lifescicomms.com
1-646-876-5196
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