 -- Continued robust treatment response from both high and low doses -- -- Long-term durability beyond 15 months from single IVT injection with zero rescue injections in Cohort 1 ---- Well tolerated across all Cohorts; encouraging early safety data from Cohort 4 ---- OPTIC enrollment complete; planning to start pivotal trial in wet AMD mid-2021 ---- Company to host conference call and webcast with Key Opinion Leader Dr. Arshad Khanani today at 1:30 pm PT 4:30 pm ET --REDWOOD CITY, Calif., Aug. 10, 2020 GLOBE NEWSWIRE -- Adverum Biotechnologies, Inc. Nasdaq: ADVM, a clinical-stage gene therapy company targeting unmet medical needs in ocular and rare diseases, today announced positive new interim data from Cohorts 1-4 of the OPTIC Phase 1 clinical trial of ADVM-022 intravitreal IVT injection gene therapy in patients requiring frequent anti-VEGF injections for their wet age-related macular degeneration AMD. The company also reported recent business progress and financial results for the second quarter ended June 30, 2020.For the first time, interim data from all four cohorts of the OPTIC trial July 23, 2020 cutoff date, including preliminary safety data from Cohort 4, are presented. These data further demonstrate the transformative potential of ADVM-022 to greatly reduce the treatment burden for patients with wet AMD: ADVM-022 continues to show robust treatment response Mean BCVA1 maintained Mean CRT2 maintained to improved Long-term durability beyond 15 months from single IVT injection with zero anti-VEGF rescue injections in Cohort 1 high dose Further evidence of a dose response: High dose: 663 patients rescue injection free Low dose: 10154 patients rescue injection free Substantial reduction in annualized anti-VEGF injection rate following administration of ADVM-0225: High dose: 100 Low dose: 87 ADVM-022 continues to be well tolerated with a favorable safety profile in all 4 cohorts n30 All ADVM-022-related ocular adverse events AE were mild 78 to moderate 22 One AE of special interest of moderate recurrent uveitis deemed to be related to ADVM-022 was responsive to steroid eye drops Cohort 1 Ocular inflammation, when observed, has been responsive to steroid eye drops No clinical or fluorescein6 evidence of posterior inflammation No vasculitis, retinitis, choroiditis, vascular occlusions, or endophthalmitis Early evidence from Cohort 4, consistent with Cohort 3, suggests that a prophylactic regimen of steroid eye drops results in fewer adverse events and less inflammation, when compared to a prophylactic regimen of oral steroids as used in Cohorts 1 and 2. In Cohorts 3 and 4, no patients have required more than steroid eye drops. OPTIC Phase 1 Clinical Trial Data: Results Following a Single ADVM-022 Dose:Cohort 1 Cohort 2 Cohort 3Cohort 4 Patientsn6n6n9n9 Median follow-up visit weeks 72 52 36 4 ADVM-022 Dose High dose 6 x 1011 vgeyeLow dose 2 x 1011 vgeyeLow dose 2 x 1011 vgeyeHigh dose 6 x 1011 vgeye Prophylactic steroid regimen 13-day oral 13-day oral6-week eye drops6-week eye drops Rescue Injections: Number of patients requiring anti-VEGF rescue injections06 patients36 patients29 patients09 patients Total anti-VEGF rescue injections0 injections13 injections5 injections0 injections Mean annualized anti-VEGF injection frequency before and after ADVM-0225 Before: 9.6 After: 0 Before: 10.0 After: 1.3 NA Reduction in mean annualized anti-VEGF injection frequency after ADVM-022510087NA Follow-up BCVA1 and CRT2: All PatientsAll PatientsRescue Free Patients 50 36All Patients Rescue Free Patients 78 79NA BCVA mean change from baseline letters-3.2 -2.004.06.4 NA CRT mean change from baseline mm-21.0 mm-24.8 mm-8.3 mm-118.6 mm-152.7 mmNA 1 Best corrected visual acuity BCVA 2 Central retinal thickness CRT 3 All patients from Cohort 1 n6 4 All patients from Cohort 2 n6 and Cohort 3 n9 5 Annualized rate Before number of IVTs in 12 months prior to ADVM-022 days from the first IVT in the past 12 months to ADVM-022 365.25 Annualized rate After number of aflibercept IVTs since ADVM-022 days from ADVM-022 to the last study follow-up 365.25 6 Fluorescein angiography of posterior poleArshad M. Khanani, M.D., M.A., managing partner and director of clinical research, Sierra Eye Associates, clinical associate professor of ophthalmology, University of Nevada, and top enrolling investigator in the OPTIC trial said, In my experience the sustained anatomical treatment response following a single intravitreal injection of ADVM-022 is unprecedented, which is remarkable considering that the patients enrolled in OPTIC were difficult-to-treat and had previously required frequent injections to maintain their vision. The safety profile to date shows that ADVM-022 is well tolerated, and that the prophylactic steroid eye drop regimen has been effective at limiting early ocular inflammation. I believe that ADVM-022 has the potential to be a transformational gene therapy improving real-world outcomes for patients living with wet AMD.Aaron Osborne, MBBS, chief medical officer of Adverum, added, We have completed dosing patients in OPTIC, with 30 patients being followed up across four cohorts, and we look forward to presenting additional data from these cohorts by the end of this year. With the exciting data presented to date from OPTIC highlighting the potential of ADVM-022 to dramatically reduce treatment burden for patients with wet AMD, we plan to seek U.S. and international regulatory authorities input as we progress towards initiating a pivotal clinical trial in mid-2021.Laurent Fischer, M.D., chief executive officer of Adverum stated, With these impressive OPTIC data, we are now poised to move our potentially transformative therapy into pivotal trials. ADVM-022, a novel gene therapy providing continuous delivery of aflibercept, has the potential to be a one and done IVT injection that would dramatically reduce the treatment burden for the millions of patients with wet AMD and DME worldwide. As we continue to see positive data from ongoing trials, we are preparing to accelerate our development and future commercial launch plans for ADVM-022. We continue to add industry-leading talent to our team and are beginning to expand our business operations and capabilities, including clinical, regulatory, manufacturing, and pre-commercial functions. Its an exciting time at Adverum, and Im humbled by the dedication of the retina specialists, their patients and our employees for their tireless efforts to help patients with severe ocular diseases during a pandemic.Recent Progress Clinical Development INFINITY Phase 2 Clinical Trial of ADVM-022 in Diabetic Macular Edema Began randomizing patients in the INFINITY trial. INFINITY is a Phase 2, multi-center, randomized, double-masked, active comparator-controlled trial in approximately 33 patients with diabetic macular edema DME. Diabetes impacts over 30 million people in the United States and over 400 million people globally and is increasing in prevalence. Approximately 5 of adults with diabetes are impacted by DME, a vision-threatening complication of diabetic retinopathy. INFINITY is designed to demonstrate superior control of disease activity following a single IVT injection of ADVM-022 compared to a single aflibercept injection, as measured by time to worsening of DME disease activity in the study eye Additional objectives include assessments of treatment burden, visual acuity, retinal anatomy and safety outcomesFuture Plans ADVM-022 in wet AMD Present clinical data from Cohorts 1-4 of OPTIC Phase 1 trial by year-end 2020 Initiate a pivotal trial mid-2021ADVM-022 in DME Present clinical data from INFINITY in the second half of 2021Manufacturing Initiating process scale-up from 200L to 1000L scale to support the future commercial product launch of ADVM-022 Beginning to plan for in-house GMP capabilities with initiation of site selectionCOVID-19 To date, Adverum has experienced limited impact from COVID-19 on its operations and ongoing clinical programs, including the OPTIC and INFINITY clinical trials. The company is continuing to monitor and attempt to address or limit the potential impacts of COVID-19 on its employees and operations, patient safety, patient enrollment, continued participation of patients already enrolled in the companys clinical studies, protocol compliance, data quality, and overall study integrity.Financial Results for the Three Months Ended June 30, 2020 Cash, cash equivalents and short-term investments were 280.1 million as of June 30, 2020, compared to 166.0 million as of December 31, 2019. Adverum expects this quarter-end cash position to fund operations into 2022. Research and development expenses were 19.2 million for the three months ended June 30, 2020, compared to 9.0 million for the same period in 2019. Research and development expenses increased primarily due to higher material production costs and personnel-associated costs. Stock-based compensation expense included in research and development expenses was 1.7 million for the second quarter of 2020. General and administrative expenses were 10.6 million for the three months ended June 30, 2020, compared to 7.1 million for the same period in 2019. General and administrative expenses increased primarily due to higher personnel-associated costs as well as depreciation expense for Adverums new headquarters. Stock-based compensation expense included in general and administrative expenses was 3.1 million for the second quarter of 2020. Net loss was 29. 