Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Q2 2019 Earnings Conference Call Transcript

Aug 08, 2019 • 04:30 pm ET

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Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Q2 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good afternoon, and welcome to the Adverum Biotechnologies Second Quarter 2019 Conference Call. [Operator Instructions]

I would now like to hand the call over to my Myesha Lacy, Vice President of Investor Relations and Corporate Communications of Adverum. Please go ahead.

Executive
Myesha Lacy

Thank you and welcome, everyone, to our second quarter 2019 conference call. The press release reporting our financial results is available on the press release page of the Investor Relations section of our corporate website at www.adverum.com. Please note that a replay of today's call also will be available on the Events and Presentations section of our website.

Joining me for the prepared remarks portion of the call today is Leone Patterson, Chief Executive Officer; and Dr. Aaron Osborne, Chief Medical Officer. Then, Leone, Aaron and Chief Financial Officer, Thomas Leung will be available for the Q&A portion of the call.

As a reminder, we will be making forward-looking statements regarding our product development plans, research activities and operations as well as our financial outlook. These statements are subject to risks and uncertainties that may cause actual results to differ materially from those forecasted. A description of these risks can be found in our most recent Form 10-Q on file with the SEC.

I would now like to turn the call over to our CEO, Leone Patterson.

Executive
Leone Patterson

Thank you, Myesha. Good afternoon, everyone, and thank you for joining us today. At Adverum, everything we do is with focus on our goal to discover, develop and deliver novel gene therapies to make an impact in the lives of patients living with serious ocular and rare diseases. We believe that gene therapy can be transformative for patients, and this is why we are laser focused on developing ADVM-022 as a single intravitreal injection approach to treating VEGF-driven retinal diseases.

In addition to developing, ADVM-022 for wet AMD, we have announced today that we plan to expand the development of ADVM-022 for the treatment of diabetic retinopathy. During this call, we will highlight the work we are doing to advance our development pipeline, including outlining upcoming milestones. Then Aaron will provide an update on our clinical progress with ADVM-022 before we take questions.

This year, we have achieved significant clinical and regulatory milestones with our lead product candidate. As background, the first indication we are targeting, wet AMD, is a leading cause of vision loss in patients 60 years and older. Approximately 1.2 million individuals in the US are impacted by wet AMD, and this number is expected to grow as the country's population ages. Our gene therapy, ADVM-022, uses the standard of care, intravitreal injection, and is a potentially less frequent, more durable treatment option that we believe could be game changing for patients with this serious ocular disease. I will now highlight the great progress we have made with the Phase 1 OPTIC clinical trial for wet AMD.

Starting with cohort 1, we have completed dosing and look forward to presenting 24-week data on all six patients at the Retina Society