Adverum Biotech to cut jobs; expects to extend cash runway into 2025

Adverum Biotechnologies

06/07/2022 23:36

** Shares of gene therapy developer Adverum Biotechnologies
Inc  ADVM.O  down about 1% at $1.17 in extended trading
    ** Co to cut its workforce by 78 employees as part of a
restructuring plan; expects to lower annual operating costs by
about $15.3 mln as a result (https://bit.ly/3yGBJFN)
    ** Says restructuring to extend cash runway into 2025
    ** Estimates incurring restructuring charges of about $4.2
million primarily in Q3 of 2022
    ** Anticipates actions will benefit development of ADVM-022,
its experimental gene therapy for wet age-related macular
degeneration  urn:newsml:reuters.com:*:nGNXby6rK7
    ** Expects restructuring plans to be completed in Q4 of 2022
    ** As of last close the stock has fallen 30.1% YTD

 (Reporting by Raechel Thankam Job)
 ((RaechelThankam.Job@thomsonreuters.com;))