Adverum Biotechnologies Advances Phase 3 Trial, Secures $10 Million Placement
Adverum Biotechnologies, Inc. (NASDAQ:ADVM), a clinical-stage gene therapy company, has completed patient screening for its pivotal Phase 3 ARTEMIS trial ahead of schedule. The company also announced a $10 million private placement with Frazier Life Sciences to support ongoing research.
The ARTEMIS trial is evaluating Ixo-vec for the treatment of wet age-related macular degeneration (AMD) in at least 284 patients. Due to the accelerated progress, Adverum now expects to report topline data in the first quarter of 2027.
The funding from the private placement will support the ARTEMIS trial and the release of 2-year long-term follow-up data for the company's LUNA study. Adverum focuses on developing gene therapy solutions for ocular and rare diseases, with its lead candidate targeting chronic retinal conditions.
Analyst outlook on the company's stock shows some variance. The consensus price target has remained stable at $4.83 over the past year. However, Chardan Capital has set a lower price target of $2.
For more information on the company, see its history and ownership, mission, financial health, and investor profile.
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