Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

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Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02

Departure of General Counsel

On September 3, 2019, Adverum Biotechnologies, Inc. and Jennifer Cheng, Ph.D, J.D., Vice President, General Counsel and Secretary of Adverum, mutually agreed that Dr. Cheng will cease to be an officer and employee of Adverum effective September 6, 2019. On September 6, 2019, Adverum and Dr. Cheng entered into a separation agreement to which Dr. Cheng will receive (i) cash severance benefits of nine months of base salary, (ii) up to nine months of reimbursement of COBRA payments, (iii) accelerated vesting of certain restricted stock units that would have vested on September 20, 2019, and (iv) extension of the exercise period for her vested options until January 15, 2020. The separation agreement contains a non-disparagement obligation on both parties and a standard release of claims on the part of Dr. Cheng.

On September 6, 2019, Adverum and Dr. Cheng also entered into a consulting agreement to facilitate a smooth transition. The consulting agreement has a term of one month and provides that Dr. Cheng will be paid at the hourly rate of $800, not to exceed 10 hours per week, with a maximum aggregate payment to the consulting agreement of $32,000.


About Adverum Biotechnologies, Inc. (NASDAQ:ADVM)

Adverum Biotechnologies, Inc., formerly Avalanche Biotechnologies, Inc., is a gene therapy company. The Company is engaged in discovering and developing medicines to patients suffering from chronic or debilitating disease. The Company operates and manages its business in the segment of developing and commercializing gene therapeutics. It focuses on diseases with unmet medical need, including ophthalmic diseases, such as wet age-related macular degeneration (AMD), as well as rare genetic diseases. The Company’s product candidates include AVA-101 and AVA-201 for treatment of Wet AMD; AVA-322 and AVA-323 for the treatment of Color Vision Deficiency, and AVA-311 for the treatment of Juvenile X-linked Retinoschisis. It has generated human proof-of-concept data for AVA-101 in a Phase I trial with over eight wet AMD subjects conducted at Lions Eye Institute (LEI) in Australia. It is developing AVA-322 and AVA-323 for the treatment of color vision deficiency (CVD).