Adverum Biotechnologies (ADVM) Tops Q3 EPS by 1c

Adverum Biotechnologies (NASDAQ: ADVM) reported Q3 EPS of ($0.25), $0.01 better than the analyst estimate of ($0.26). Revenue for the quarter came in at $250 thousand versus the consensus estimate of $180 thousand.

“The third quarter was important for Adverum, as we reported sustained benefits from a single intravitreal injection of ADVM-022 in our first cohort of treatment-experienced patients with wet AMD,” said Leone Patterson, chief executive officer, Adverum Biotechnologies. “This is the first time that a single intravitreal injection gene therapy has provided sustained efficacy for these patients, who previously required frequent ocular anti-VEGF injections to maintain their vision. We are very encouraged by these early data, particularly that none of the six patients in the first cohort, who received ADVM-022 at a dose of 6x10^11 vg/eye, required any anti-VEGF rescue injections through a median follow-up of 34 weeks. We are now dosing patients in the third cohort of OPTIC with ADVM-022 at a dose of 2x10^11 vg/eye using prophylactic steroid eye drops instead of prophylactic oral steroids. Our goal is to provide wet AMD patients with a life-changing treatment that removes the need for frequent anti-VEGF injections.”

For earnings history and earnings-related data on Adverum Biotechnologies (ADVM) click here.

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