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Adverum reports increased third quarter loss

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Adverum Biotechnologies reported an increase in its third quarter net loss to $21 million, or $0.34 per share, in 2018 compared with a net loss of $13.8 million, or $0.32 per share, in 2017’s third quarter.

Revenue increased to $0.8 million from $0.5 million, which Adverum attributed to research services provided to Editas under a collaboration agreement.

Research and development costs increased from $10.3 million in 2017’s third quarter to $14.5 in 2018, mostly related to clinical trial expenses for ADVM-043, clinical trial initiation expenses for ADVM-022, and costs for the wet age-related macular degeneration and rare disease programs.

General and administrative expenses remained the same year-over-year at $4.8 million.

As of Sept. 30, Adverum reported cash, cash equivalents and marketable securities totaling $217.9 million.