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Adverum posts net loss in second quarter

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Adverum Biotechnologies reported a second quarter net loss of $15 million, or $0.23 per share, compared with a net loss of $18.8 million, or $0.30 per share, at the same time last year, according to a press release.

No revenue was reported for the second quarter of 2019 compared with $0.5 million for the same period in 2018, when revenue was received from collaborative research performed under collaboration agreements.

Research and development expenses decreased from $11.2 million a year ago to $9 million, whereas general and administrative expenses decreased from $9.2 million to $7.1 million.

Adverum had cash, cash equivalents and short-term investments of $177.6 million as of June 30.