Adverum Biotechnologies presented 26-week interim data from the LUNA Phase 2 trial for Ixo-vec in wet AMD. The analysis showed significant reductions in anti-VEGF injections and positive visual outcomes.
Shares of Lifecore Biomedical, Inc. (NASDAQ: LFCR) fell sharply during Wednesday’s session after the company announced it concluded its strategic evaluation process, announced management succession and board changes. Lifecore Biomedical shares dipped 31.7% to $4.91 on Wednesday.
Adverum Biotechnologies' Ixo-vec gene therapy for wet AMD. Preliminary LUNA Phase 2 trial data show safety, efficacy, and significant treatment burden reduction.
Shares of Air Products and Chemicals, Inc. (NYSE: APD) fell sharply during Monday’s session after the company reported worse-than-expected first-quarter financial results and lowered FY24 adjusted EPS guidance below estimates.
Adverum will sell the shares at a price per share of $1.20, representing a premium of approximately 20% to its stock's 30-day volume-weighted average price, and the financing is expected to close on Feb. 8. Adverum anticipates the gross proceeds from the private placement to be approximately $127.5 million, before deducting any offering related expenses and are expected to be sufficient to fund the current operating plan into late 2025.
