Adverum Biotechnologies, Inc. Announces New Executive Chair and CEO
14 October 2016 - 10:00PM
Paul Cleveland Named Executive Chairman of the
Board
Adverum Biotechnologies, Inc. (Nasdaq:ADVM), a gene therapy company
committed to discovering and developing novel medicines for
patients suffering from diseases with few or burdensome treatment
options, today announced that former Chief Executive Officer Paul
B. Cleveland has been appointed Executive Chairman of the Board and
that Amber Salzman, Ph.D., formerly President and Chief Operating
Officer, has been appointed Chief Executive Officer.
“I am grateful to have had the opportunity to serve as CEO of
Adverum for the past ten months. We have accomplished a
number of important strategic goals during that period, including
the closing of the transaction with Annapurna, the announcement of
our new name and ticker symbol, multiple additions to both our
management team and Board of Directors, and our decision to develop
a new wet AMD product candidate. I believe that the time has
come for me to retire from a full-time CEO role, and I believe that
with Amber as CEO the company will flourish, benefitting both
patients and shareholders.”
“I am excited to be able to become the Chief Executive Officer
of Adverum,” said Dr. Salzman. “We have laid the groundwork
needed to drive several very promising gene therapy programs
forward. I want to thank Paul for his leadership and support
and I look forward to continuing to work with him to lead the
company through its next chapter.”
Dr. Salzman joined Adverum as President and Chief Operating
Officer in 2016 after the combination of Annapurna Therapeutics
with Avalanche Biotechnologies. She served as co-founder, president
and Chief Executive Officer of Annapurna Therapeutics prior to the
combination. Prior to Annapurna, Amber served in leadership roles
in large pharmaceutical companies, small pharmaceutical companies,
and in the rare disease community including her role as chief
executive officer of Cardiokine Inc. prior to its acquisition by
Cornerstone Therapeutics, Inc. Previously, she served as a
member of the GlaxoSmtihKline plc’s R&D executive team where
she planned and managed drug-development projects and clinical
trials comprising more than 30,000 patients worldwide. She has led
initiatives to accelerate drug development and moderate costs, and
established a Development Support Center in India. She is the
president of the Stop ALD Foundation, a patient-advocacy group
driving forward improvements in treatments for patients with
adrenoleukodystrophy (ALD), and she played a key role in bringing
about the a ALD lentiviral gene therapy treatment. Dr. Salzman
received her B.A. from Temple University and her Ph.D. from Bryn
Mawr College.
About Adverum Biotechnologies,
Inc.Adverum is a gene therapy company committed to
discovering and developing novel medicines that can offer
life-changing benefits to patients living with rare diseases or
diseases of the eye who currently have limited or burdensome
treatment options. Adverum has a robust pipeline that includes
product candidates to treat wet AMD, A1AT deficiency, and
hereditary angioedema, among other diseases. We are
leveraging our next-generation adeno-associated virus (AAV)-based
directed evolution platform to generate product candidates designed
to provide durable efficacy by inducing sustained expression of a
therapeutic protein. Our focus on the patient is supported by
clinical development expertise and core capabilities in vector
optimization, process development, manufacturing, and assay
development. For more information please visit
www.adverumbio.com.
Forward-Looking StatementsStatements contained
in this press release regarding matters that are not historical
facts 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 Adverum’s
plans, potential opportunities, expectations, projections, goals,
objectives, milestones, strategies, product pipeline, financial
condition and results of operations, the sufficiency of its cash,
cash equivalents and marketable securities, as well as the
advancement of, and anticipated development and regulatory
milestones and plans related to, Adverum’s product candidates and
preclinical and clinical studies, and the commercial potential of
its product candidates, all of which are based on certain
assumptions made by Adverum on current conditions, expected future
developments and other factors Adverum believes are appropriate in
the circumstances. Adverum may not consummate any plans or product
or clinical development goals in a timely manner, or at all, or
otherwise carry out the intentions or meet the expectations or
projections disclosed in its forward-looking statements, and you
should not place undue reliance on these forward-looking
statements. Actual results and the timing of events could differ
materially from those anticipated in such forward-looking
statements as a result of various risks and uncertainties, which
include, without limitation, the risk that Adverum’s resources will
not be sufficient for Adverum to conduct or continue planned
development programs and planned clinical trials, the risk of a
delay in the enrollment of patients in Adverum’s clinical studies
or in the manufacturing of products to be used in such clinical
studies, risks related to regulatory review of Adverum’s
development plans and planned clinical trials and the risk that
Adverum will not be able to successfully develop or commercialize
any of its product candidates. Risks and uncertainties facing
Adverum are described more fully in Adverum’s periodic reports
filed with the SEC. 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.
Contacts
For Adverum:
Tricia Truehart
Vice President
The Trout Group LLC
646-378-2953
ttruehart@troutgroup.com
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