Adverum Biotechnologies Appoints C. David Nicholson, Ph.D. to its Board of Directors

REDWOOD CITY, Calif., Nov. 06, 2023 (GLOBE NEWSWIRE) -- Adverum Biotechnologies, Inc. (NASDAQ:ADVM), a clinical-stage company that aims to establish gene therapy as a new standard of care for highly prevalent ocular diseases, today announced the appointment of C. David Nicholson, Ph.D., as an independent member of its Board of Directors, effective November 3, 2023. Dr. Nicholson brings over forty years of pharmaceutical experience, a proven track record in drug development, and deep experience in ophthalmology, most recently as chief research and development officer at Allergan.

"We are excited to welcome David to Adverum's Board of Directors. He brings an exceptional breadth of experience and a track record of success in pharmaceutical R&D and has launched multiple transformative products throughout his career, notably in ophthalmology," stated Patrick Machado, J.D., board chair of Adverum Biotechnologies. "David's appointment reflects our commitment to excellence in clinical and preclinical development, including of our lead product candidate, Ixo-vec, which is currently being evaluated in the ongoing Phase 2 LUNA trial of patients with wet age-related macular degeneration (wet AMD)."

"On behalf of the management team at Adverum, I'd like to extend a warm welcome to David," added Laurent Fischer, M.D., president and chief executive officer of Adverum. "David's long and varied career in pharmaceutical R&D includes the development of innovative treatment modalities across multiple therapeutic areas, such as ophthalmology (Xen Gel Stent, Durysta), depression (Remeron), schizophrenia (Saphris, Vraylar), and oncology (Keytruda), among others. His experience shepherding therapeutics from concept through commercialization, together with his deep ophthalmology expertise, will be invaluable as we advance Ixo-vec through pivotal studies and ultimately commercialization."

"I am delighted to join Adverum's board and to help Adverum bring wet AMD patients a transformational gene therapy option that has the potential to improve upon real-world outcomes of anti-VEGF therapy with a single, intravitreal injection," stated Dr. Nicholson. "This is an exciting time for the company as it looks forward to releasing data from its ongoing Phase 2 LUNA trial and moving Ixo-vec into registrational trials."

Dr. Nicholson previously served as executive vice president and chief research and development officer of Allergan, prior to its acquisition by AbbVie in May 2020. Prior to Allergan, Dr. Nicholson served on the executive committee of Bayer CropScience as executive vice president of research and development and chief technology officer; as senior vice president of licensing and knowledge management at Merck; as senior vice president at Schering-Plough, responsible for global project management and drug safety; and in multiple positions of increasing responsibility including ultimately as executive vice president of research and development at Organon. Dr. Nicholson currently serves as the non-executive chair of the boards of directors of Exscientia and Wild Bioscience, a member of the board of directors of Volastra, the lead independent director of Actinium Pharmaceuticals, and an operational partner at Gilde Healthcare. Dr. Nicholson received his B.S. from the University of Manchester and his Ph.D. from the University of Wales.

About Adverum Biotechnologies

Adverum Biotechnologies (NASDAQ:ADVM) is a clinical-stage company that aims to establish gene therapy as a new standard of care for highly prevalent ocular diseases with the aspiration of developing functional cures to restore vision and prevent blindness. Leveraging the capabilities of its proprietary intravitreal (IVT) platform, Adverum is developing durable, single-administration therapies, designed to be delivered in physicians' offices, to eliminate the need for frequent ocular injections to treat these diseases. Adverum is evaluating its novel gene therapy candidate, ixoberogene soroparvovec (Ixo-vec, formerly referred to as ADVM-022), as a one-time, IVT injection for patients with neovascular or wet age-related macular degeneration. Additionally, by overcoming the challenges associated with current treatment paradigms for debilitating ocular diseases, Adverum aspires to transform the standard of care, preserve vision, and create a profound societal impact around the globe. For more information, please visit www.adverum.com.

Forward-looking Statements

Statements contained in this press release regarding events or results that may occur in the future are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include but are not limited to statements regarding the potential benefits of Ixo-vec in the treatment of wet AMD, anticipated release of preliminary and interim data from the LUNA trial and advancement of Ixo-vec to Phase 3 and commercialization. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, including risks inherent to, without limitation: Adverum's novel technology, which makes it difficult to predict the timing of commencement and completion of clinical trials; regulatory uncertainties; enrollment uncertainties; the results of early clinical trials not always being predictive of future clinical trials and results; and the potential for future complications or side effects in connection with use of Ixo-vec. Additional risks and uncertainties facing Adverum are set forth under the caption "Risk Factors" and elsewhere in Adverum's Securities and Exchange Commission (SEC) filings and reports, including Adverum's Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 filed with the SEC on August 10, 2023. All forward-looking statements contained in this press release speak only as of the date on which they were made. Adverum undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.

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