Adverum Biotechnologies (ADVM) 10 Nov 192019 Q3 Earnings call transcript

Thank you, and welcome, everyone. Today we issued a press release reporting our financial results for the third quarter of 2019. A copy of this release is available on the press releases page of the Investor Relations section of our corporate website at www.adverum.com.

Please note that a replay of today's call also will be available on the Event and Presentation section of our website.

Joining me for the prepared remarks portion of the call today is Leone Patterson, Chief Executive Officer; and Dr. Officer. Medical Chief Osborne, Aaron Then Leone, be call. Thomas will Financial and for the Chief available the Officer, Q&A Leung, Aaron portion of

in As can uncertainties activities from the description be most product a XX-K These differ statements our as will materially statements to outlook. be cause reminder, our risks of on actual subject regarding to and our making financial A development may Form operations these those with and forward-looking research found forecasted. are risks as that well recent plans, file we results SEC.

turn I would now call CEO, like to Leone Patterson. the to over

a Thank today. update. further then the afternoon, I'll were everyone, recent and Aaron Good progress you, recap review including AAO. the that the data with a trial thank presented give call of then X our Myesha. at as you OPTIC We'll corporate us for provide up questions. the ADVM-XXX Phase progress will for joining advancing ADVM-XXX and as open well

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this in plan in X dose we in cohort first completed and announcing and the data patients are enrollment Now of cohort from our having with continuing additional third cohort. evaluate to potential patients fourth OPTIC, therapy's a to our six positive

submission on for ADVM-XXX half the a retinopathy diabetic with planning second planned we XXXX. addition, a indication in are IND first In developing of

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these and positive generated and we develop continue look has as the interest very important communities scientific forward the data clinical engagement to ADVM-XXX. further The we medical groups with from to

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provide on details Aaron? progress ADVM-XXX. I'd Aaron, now our like call to turn to over with who further the will

Leone. Thanks,

a first patients clinical this the a milestone injection to are data therapy manage intravitreal data quarter AMD. may our These otherwise important ADVM-XXX they wet wet our We would require option have AMD. for injections that for achieved the as reporting demonstrate promising major gene ADVM-XXX, frequent single treatment for provide who

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At in OPTIC, first AAO Phase of last study. cohort month, we our patients X reported additional data from our

a injections Importantly, maintain are the eight received six these to the prior anti-VEGF not total enrolling patients enrolled they treatment-naive frequent OPTIC, in of injections. are patients vision. who have OPTIC anti-VEGF months previously to XX have required patients patients, an In

and in zero therapy, on transformative these our administration are excited with up, injections the of a Investigators required. ADVM-XXX about results. anti-VEGF median of eight based potential OPTIC patients follow were alike Following months

for and XxXX^XX and respectively. enroll and AAO, We to hope X During also Cohorts in key for and more genomes with vector X, objectives the two X announced additional in address cohorts will doses XxXX^XX X we cohorts plans X used patients same per eye, cohorts the trial. OPTIC X.

ranging be patients the XX and further to dose efficacy to cohort a Firstly, in observed confirm positive support to signal dosed X.

prophylactic prevention prophylactic was oral with with X. cohorts instead inflammation days a used drops of as that's steroids coverage XX weeks with in six eye Secondly, of X and steroid of

steroid cohorts further clinical these X development from generated and data regimens on from data The addition the the eye the period support which steroid steroids. and X inflammatory to of to oral provide drops steroid and potentially that mild longer cohorts been of the reported exposure of the in ADVM-XXX. steroids doses the best decrease coverage, will generally have systemic switch from allow cessation occurrence oral events to robust a evidence more for believe We reducing steroids of after will

steroid fourth a to enrollment patients nine followed eye cohort of is more for nine inflammation by under The Dosing will patients goal in drops. ocular the be with way this another prophylaxis currently is and effective provide cohort. in the third

ADVM-XXX, are moving with gene Diabetic indication. underserved that our for represents and opportunities a development evaluate a anti-VEGF therapy. plans forward market retinopathy to benefit future long-lasting we at from Looking large second another may

cause estimated retinopathy being blindness the the leading with is living retinopathy the million treated. X million among vision age are Of X impairment in only U.S., people only and Diabetic diabetic working diagnosed are million of X and adults.

expected therapies improved with to incidence of more needs the significant retinopathy. more the retinopathy grow, There of that is complications outcomes prevalence of the increase. to prevalence unmet are could curable diabetic and in As continues threatening and patients diabetic anti-VEGF reduce sight diabetes for effective

progressing potentially first and half IND suppression to in with We rapidly currently levels ADVM-XXX, therapies. this XXXX. the outcomes over this We look treatment could for indication important improving submitting of of consistent VEGF available believe disease, be for particularly maintain forward

Leone our call I'll back now to turn Leone? the CEO, Patterson.

We'll Aaron. open questions. now to Thanks, the Operator? call

[Operator Instructions].

from question first comes Our the Buren line comment Tyler of or from Van Jaffray. Piper

Your line open. is

last concept interesting. -- which quarter. of and steroid, how Hey the give XX guess, weeks during it's I of say occurred progress inflammatory the and end of topical many it reported. coverage congrats, longer the oral six or believe those just the XX having between Of the us on was guys, my an events, I number versus Is good afternoon, possible tell the us to first all steroids understanding and days that? of the the

for Yeah, Tyler, the thanks question.

what think in I would But that expected steroid and be I the of all I in to will it to think cohort reflective Aaron therapy, first Aaron steroid and said be for be what on to the give we that, also can eye I actual timing obviously, be inflammatory regimen prophylactic will inflammations drops think turn that context appropriate. will think of think helpful the to is in the say will gene It's response. answer terms And some seen the we along steroid patients. the I believe the and we've appropriate. we regimen of specifics as really been I over why

often were meaning mild, events were they that these Leone. asymptomatic. Thanks, Generally inflammatory

and then X total that's the So giving oral steroids the was investigators oral taper. by steroids six X-day stopped. were cohorts they remember, spotted in were with of you typically that X, XX days XX of we of had days after and a Do first there time

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taking move and or cohorts I needed That's you you as soon all to step of the cohorts more more which know learning the will to -- to But Okay. think just drop And then can be a be kind back, going whether course whether you what in time whether next a Phase lot launched being move down relative three ongoing be learn a dose period you'll we're that cohorts of topicals. then discuss maybe helpful. last you'll here we're year? got and we've point, will you exactly the just a II? of And four at guess, you'll to looking know you -- or need over short

our the trying and to think, eye the of a Sure, going -- X. will we important in and definitely follow full dose being more think, at be two cohorts we happening of the Tyler. current longer study, its along time we've more And do have how drops. to looking prophylactic up terms dosed hands and it's those true steroid at period patients we obviously X totality, impact impact that We can to for with open to because, see in have the cohorts got doses patients see over with be label then I

cohorts think, further we more information into how need a into study. faster proceed think you We'll look or more point. us at pivotal forward should totality the moving of will I that provide package additional at insight when either I that

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you. Thank

Cantor Our comes from line from the Alethia question next Young comment of or Fitzgerald.

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you. Thank Great.

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or comment comes of Company. line from Phil Nadeau Our next the & Cowen question from

open. is line Your

for my questions. taking Thanks

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Thanks.

able start to and more be some sure add I'm So, I'll Aaron will detail.

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Yeah.

these treated eye patients important with start remember it's that with. So, to Phil, I none to think of steroid are drops

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patients. So, saw topical what was started different we that steroids was at time points for these

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Yeah.

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for questions. my taking Thanks Perfect.

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All so right. you Thank much.

Instructions]. Thank you. [Operator

Capital. the from LifeSci next line question comment or from of Patrick Dolezal comes Our

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is So required that just typically patients was particularly topical use I for you that Or duration? weeks. if being steroid of X course duration six what interesting cohort confidence gives thought I respond? curious in time the to was what in was

you, Thank Patrick.

what based we've is and So in inflammation also just in that it OPTIC, ocular of what period. it's a on based first therapy in is in not And on seen trials, is the variety we've which used seen that on we've been -- observed often based other steroid what gene it's of approaches. sign the seen have type of time

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So we then on one of extended But to any sixth be we by period signs is of weeks inflammation patient be that longer taper a down drops then the can it's and taper. more times a those a and with know if drop as tapering Leone from that do day patient, gentle any that's mentioned a see well, week. persistent And on day perspective. there four a will gentle for drops, three as it so very manageable

and in X. data X I'm really now looking that getting experiment the possible. forward as and obviously the we're doing it presenting cohorts quickly as to from So

last use is there versus a There poster And on transduction regimen? Great. I there. be might what that are should oral differences experiences just your the on with that thoughts was indicated that? any That's efficiency, your expect what helpful. actually of we and ESGCT topical at differences the curious based some year

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you. thank Great,

time. showing to I'm Patterson. additional you. Leone over no the at questions the in Thank CEO, to I'd queue Adverum this conference like turn back

we Thanks ahead, retinopathy. encouraged we our and call are important for for to through. looking the And AMD with today. diabetic promising are presented ADVM-XXX. reiterate just programs, approaching therapy went we I wet how multiple to results just this by advance patients again, milestones excited We're for a everybody the joining want we for clinical which

And in the half we of XXXX. X the potential in from second enrollment IND the in in the the in in cohort finally, -- plan patient an and We're sorry, X diabetic of submit to first second completing for to first data retinopathy first in beginning first cohort indication. of data the quarter to and XXXX. forward the XX-week half fifth announce half OPTIC XXXX cohort looking the to plan of expand also We XX-week enrollment trial cohort the

clinical our and progress our a Adverum. on the execution accomplishments updates value months to timely advance and for with momentum Adverum is as a dialogue investors of continued forward providing ahead. to transparent and and year community for the medical and I we build productive forward certainly been programs in look We and maintaining This look

who I'd the importantly, for our innovative retinal patients. the time, commitment our your the In closing, Thank broader deliver work our thank call. in you patients, our the programs and OPTIC thank And to participate would like hard to for mission specialists concludes I caregivers for to trial. and their to and advance this employees to what gene like therapies

Ladies and may you participating today's now this Thank concludes for call. gentlemen, conference disconnect. you