Brief: Adverum Biotechnologies Says It Is Reducing Workforce By 78 Employees

Adverum Biotechnologies

06/07/2022 21:45

July 6 (Reuters) - Adverum Biotechnologies Inc  ADVM.O :
    * ADVERUM BIOTECHNOLOGIES INC -  UNDER THE RESTRUCTURING
PLAN,
ADVERUM IS REDUCING ITS WORKFORCE BY 78 EMPLOYEES (APPROXIMATELY
38%)
    * ADVERUM BIOTECHNOLOGIES INC- ESTIMATES THAT IT WILL INCUR
AGGREGATE RESTRUCTURING CHARGES OF APPROXIMATELY $4.2 MILLION
    * ADVERUM BIOTECHNOLOGIES -  IMPACTED EMPLOYEES BELOW LEVEL
OF
VICE PRESIDENT ARE ELIGIBLE TO RECEIVE SEVERANCE BENEFITS
    * ADVERUM BIOTECHNOLOGIES - EXPECTS WORKFORCE REDUCTION WILL
DECREASE ITS ANNUAL OPERATING COSTS BY APPROXIMATELY $15.3
MILLION IN DIRECT LABOR COST
    * ADVERUM BIOTECHNOLOGIES - CASH PAYMENTS RELATED TO
PERSONNEL-RELATED RESTRUCTURING, CONTRACT TERMINATION CHARGES TO
BE PAID DURING Q3, Q4 OF 2022
    * ADVERUM BIOTECHNOLOGIES- EXPECTS ABOUT $4.1 MILLION OF
CHARGES
WILL BE CASH EXPENDITURES, WHICH RESTRUCTURING COSTS WILL BE
RECORDED PRIMARILY IN Q3 2022
    * ADVERUM BIOTECHNOLOGIES -   EXPECTATION THAT RESTRUCTURING
PLAN
TO BE COMPLETED IN THE FOURTH QUARTER OF 2022

Further company coverage:  ADVM.O 

 ((Reuters.Briefs@thomsonreuters.com;))