Adverum Biotechnologies reports quarterly net loss

Adverum Biotechnologies reported a net loss of $18.8 million, or $0.30 per share, in the second quarter of 2018 compared with a net loss of $11.4 million, or $0.27 per share, in 2017’s second quarter.

The company’s general and administrative expenses totaled $9.2 million for the quarter, an increase from 2017’s second quarter costs of $4.1 million.

Research and development expenses increased from $8.5 million to $11.2 million in the quarter, which the company attributed to an increase in research and development activities.

In July, Adverum submitted an investigational new drug application to the FDA for ADVM-022, a potential treatment for wet age-related macular degeneration. ADVM-022 has been shown to be safe and statistically significant in preventing the development of lesions in preclinical, nonhuman trials, according to a press release.

Adverum had cash, cash equivalents and marketable securities of $234.9 million as of June 30.

Adverum Biotechnologies reported a net loss of $18.8 million, or $0.30 per share, in the second quarter of 2018 compared with a net loss of $11.4 million, or $0.27 per share, in 2017’s second quarter.

The company’s general and administrative expenses totaled $9.2 million for the quarter, an increase from 2017’s second quarter costs of $4.1 million.

Research and development expenses increased from $8.5 million to $11.2 million in the quarter, which the company attributed to an increase in research and development activities.

In July, Adverum submitted an investigational new drug application to the FDA for ADVM-022, a potential treatment for wet age-related macular degeneration. ADVM-022 has been shown to be safe and statistically significant in preventing the development of lesions in preclinical, nonhuman trials, according to a press release.

Adverum had cash, cash equivalents and marketable securities of $234.9 million as of June 30.