The Sonic Fund II, L.P. Comments on Adverum Biotechnologies Update Regarding INFINITY Phase 2 Trial of ADVM-022
April 29 2021 - 2:58PM
Business Wire
Believes It Is Critical That Adverum
Immediately Re-Evaluate Scientific Development Process and
Strategy
Adverum’s Announcement Provides Stark Evidence
that Improved Board and Increased Oversight is Desperately Needed
at Company
Sonic Urges Company to Add Its Three
Independent Nominees to Board to Bring the Exact Experience and
Perspectives Adverum Desperately Needs
It Is Time to End Proxy Campaign and
Immediately Put Company on Path to Success
The Sonic Fund II, L.P. (“Sonic”), which beneficially owns
approximately 6.8% of the outstanding common stock of Adverum
Biotechnologies, Inc. (NASDAQ: ADVM) (the “Company” or “Adverum”),
today commented on the Company’s April 28 announcement of a
Suspected Unexpected Serious Adverse Reaction (SUSAR) of hypotony
in its INFINITY clinical trial evaluating ADVM-022 gene therapy for
the treatment of diabetic macular edema (DME):
“This unfortunate announcement is a stark illustration of the
failure of the Company’s approach to the scientific development of
ADVM-022 and shows how misguided Adverum was in not pursuing
comprehensive research into the inflammatory aspect that had
previously been identified with this drug. Further, this
announcement exposes the hollowness of the Company’s reassurances
to the market that its strategy was working. In our view, these
developments validate our consistent argument that change is
urgently needed at Adverum.
Adverum’s stock price reaction to the announcement – immediately
plunging ~60% – clearly shows that the Company has lost the
confidence of stockholders. The potential of ADVM-022 far
outmatches the abilities of those entrusted with its care. Adverum
must immediately refocus its efforts to the scientific development
of ADVM-022 to serve critical patient needs.
We call on the Company to accept the need for an improved Board
with experts who have the exact gene therapy and financial
oversight experience that is essential to success moving forward.
The simplest solution to the pressing need for change at the
Company would be to add Sonic’s three independent and highly
qualified nominees to the Board and put an end to this proxy
contest.
Adverum needs the best team possible and needs it now. It
certainly should not keep wasting stockholders’ money to keep
world-renowned experts off the Board. And it should not be trusted
to hand pick new additional directors following the Annual
Meeting.
We look forward to continuing to engage with our fellow
stockholders to put the Company on the best path towards
successfully delivering for patients and recouping the value that
has been destroyed by entrenched and unqualified individuals. The
choice is clear, elect three extremely well qualified, independent
nominees, or accept more of the same from a Board that has failed
to deliver on its promises.”
For more information, visit https://www.saveadverum.com.
Vote on the GREEN
proxy card today
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vote
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regarding your GREEN proxy card
or need assistance in voting your shares, please contact
Saratoga Proxy Consulting,
LLC
520 8th Avenue
New York, NY 10018
Stockholders may call
toll-free: (888) 368-0379
Banks and brokers call: (212)
257-1311
info@saratogaproxy.com
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version on businesswire.com: https://www.businesswire.com/news/home/20210429006034/en/
Investors: Saratoga Proxy Consulting LLC John Ferguson /
Ann Marie Mellone 212-257-1311 jferguson@saratogaproxy.com /
amellone@saratogaproxy.com
Media: Sloane & Company Joe Germani / Sarah
Braunstein jgermani@sloanepr.com / sbraunstein@sloanepr.com
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