Adverum up 23% premarket on new gene therapy data

Adverum Biotechnologies (NASDAQ:ADVM) is up 23% premarket on light volume in reaction to new preliminary data from a Phase 1 dose-ranging study, OPTIC, evaluating gene therapy ADVM-022 in patients with wet age-related macular degeneration (wet AMD). The results are being presented at the Angiogenesis, Exudation, and Degeneration Annual Meeting in Miami.

Data from cohort 2 (n=6) at week 24 following a single intravitreal injection of a three-fold lower dose of ADVM-022 showed that four of six patients remained rescue injection-free at a week 24 [100% (n=6/6) of patients in cohort 1 who received the higher dose were rescue injection-free at a median of 50 weeks].

In both cohorts, vision was generally maintained and retinal anatomy improvements were achieved and maintained.

The safety profile remained favorable with no treatment-related systemic adverse events and no dose-limiting toxicities.

https://seekingalpha.com/news/3539953-adverum-up-23-premarket-on-new-gene-therapy-data