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Adverum Biotechnologies Inc (NASDAQ:ADVM) shares were plunging Thursday following the presentation of data from its gene therapy trial at a conference.
What Happened
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Adverum, a gene therapy company focusing on ocular and rare diseases, announced 24-week, Phase 1 clinical data from the first cohort of patients treated with a one-time intravitreal dose of ADVM-022 for wet age-related macular degeneration, or wet AMD.
The actively traded, small-cap biotech said the patients achieved vision maintenance and improvements in retinal anatomy after a one-time intravitreal dose of ADVM-022 through week 24. More importantly, these patients did not require anti-VEGF rescue injections.
The mean change in best corrected visual acuity, or BCVA, was -2 letters and the mean change central subfield thickness, or CST, was -52.7 micrometers, the company said.
No serious adverse events were reported, with no adverse events meeting criteria for dose-limiting toxicity.
Yet 10 ocular adverse events were observed in six patients, with 14 showing mild adverse events and five experiencing moderate adverse events.
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Adverum presented the data at the Retina Society 2019 Annual Meeting in London.
Why It's Important
Wet AMD patients are burdened with frequent anti-VEGF injections to maintain vision, with undertreatment invariably resulting in vision loss.
"These data on ADVM-022 are compelling, as they demonstrate for the first time that a one-time gene therapy delivered by intravitreal injection has the potential to provide sustained efficacy and transform the treatment paradigm for patients with wet AMD," said Szilárd Kiss, a retinal specialist who presented the data at the Retina Society meeting.
Adverum shares were falling by 25.56% to $8.93 at the time of publication Thursday.
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27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.