Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Q3 2019 Earnings Conference Call - Final Transcript

Nov 07, 2019 • 04:30 pm ET


Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Q3 2019 Earnings Conference Call - Final Transcript


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

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

Myesha Lacy

Thank you, and welcome, everyone. Today, we issued a press release reporting our financial results for the third quarter of 2019. A copy of this release is available on the Press Releases page of the Investor Relations section of our corporate website at Please note that a replay of today's call also will be available on the Events and Presentation 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 CEO, Leone Patterson.

Leone Patterson

Thank you, Myesha. Good afternoon, everyone, and thank you for joining us today. I'll provide a recap of our recent progress in advancing ADVM-022 as well as give a corporate update, and will then further review the progress with ADVM-022, including the OPTIC phase 1 trial and the data that were presented at AAO. We will then open up the call for questions.

Adverum is focused on delivering what we believe can be transformative therapies for patients living with serious ocular and rare diseases. The therapeutic potential of long lasting gene therapy approaches is rapidly gaining momentum across many areas of medicine. Adverum is part of this exciting field with our clinical candidate ADVM-022, a differentiated gene therapy approach that we are developing in our first indication with AMD, which is a leading cause of vision loss in patients over 60 years of age.

We have made significant progress over the past year with ADVM-022. This time last year, we had just dosed our first patient in the OPTIC phase 1 trial. Now with positive data from our first cohort of six patients in OPTIC, we are continuing to evaluate this therapy's potential having completed enrollment in cohort 2 and announcing our plans to dose additional patients in the third and fourth cohort. In addition, we are planning on developing ADVM-022 for a second indication diabetic retinopathy with a planned IND submission in the first half of 2020.

Over the past three months, we have presented at three congresses, data from our first cohort of six patients and the OPTIC phase 1 trial. First, on September 12th, we presented interim 24-Week Data at Retina Society. And