This article is more than 5 years old. Information may no longer be current.

Adverum Biotechnologies reports quarterly net loss

Add topic to email alerts

Receive an email when new articles are posted on

Please provide your email address to receive an email when new articles are posted on .

Subscribe

Added to email alerts

You've successfully added to your alerts. You will receive an email when new content is published.

Click Here to Manage Email Alerts

You've successfully added to your alerts. You will receive an email when new content is published.

Click Here to Manage Email Alerts

Back to Healio

We were unable to process your request. Please try again later. If you continue to have this issue please contact customerservice@slackinc.com.

Back to Healio

Adverum Biotechnologies reported a net loss of $18.8 million, or $0.30 per share, in the second quarter of 2018 compared with a net loss of $11.4 million, or $0.27 per share, in 2017’s second quarter.

The company’s general and administrative expenses totaled $9.2 million for the quarter, an increase from 2017’s second quarter costs of $4.1 million.

Research and development expenses increased from $8.5 million to $11.2 million in the quarter, which the company attributed to an increase in research and development activities.

In July, Adverum submitted an investigational new drug application to the FDA for ADVM-022, a potential treatment for wet age-related macular degeneration. ADVM-022 has been shown to be safe and statistically significant in preventing the development of lesions in preclinical, nonhuman trials, according to a press release.

Adverum had cash, cash equivalents and marketable securities of $234.9 million as of June 30.