- Adverum Biotechnologies Inc (NASDAQ:ADVM) announced a restructuring plan, including reductions in headcount and expenses, to prioritize its clinical development of ADVM-022, a single intravitreal injection for wet age-related macular degeneration (AMD).
- Adverum intends these restructuring measures to fully support its ADVM-022 development plan, providing it with additional resources beyond one-year topline results from its Phase 2 LUNA trial.
- The company is reducing its workforce by 78 (approximately 38%).
- Adverum expects the workforce reduction to decrease its annual operating costs by approximately $15.3 million in direct labor costs.
- The company estimates to incur restructuring charges of approximately $4.2 million, to be recorded primarily in Q3 2022.
- The company is preparing to initiate the Phase 2 LUNA trial of ADVM-022.
- The LUNA trial will evaluate two doses in 72 patients with wet AMD.
- Truist Securities upgrades Adverum to Buy, with a price target raised to $4.
- Price Action: ADVM shares are up 4.70% at $1.28 during the premarket session on the last check Thursday.
Acutus Medical Announces Approval Of Its AcQMap System And AcQMap 3D Imaging And Mapping Catheter In Japan
Acutus Medical, Inc. (“Acutus”) (NASDAQ:AFIB), an arrhythmia management company focused on improving the way cardiac arrhythmias are diagnosed and treated, today announced approval of its AcQMap High