ADVERUM BIOTECHNOLOGIES, INC. (NASDAQ:ADVM) Files An 8-K Termination of a Material Definitive AgreementItem 1.02
On April 19, 2017, Adverum Biotechnologies, Inc. (the “Company”), the ultimate parent company of Annapurna Therapeutics Limited, delivered a notice to REGENXBIO Inc. (“REGENXBIO”) to terminate the License Agreement, dated October 20, 2015, between REGENXBIO and Annapurna Therapeutics Limited (the “License Agreement”). Under the License Agreement, Annapurna Therapeutics Limited holds a license to make, have made, use, import, sell, and offer for sale certain products incorporating, using, based upon or derived from the AAVrh10 vector for the treatment of alpha-1 antitrypsin deficiency. Annapurna Therapeutics Limited is exercising its right to Section 6.3 of the License Agreement to terminate the License Agreement for any reason with six months prior notice. The termination will be effective on October 19, 2017 (the “Effective Date”).
The Company does not expect termination of the License Agreement to affect development of its ADVM-043 product candidate for the treatment of alpha-1 antitrypsin deficiency, for which the Company is pursuing Orphan Drug designation.
The material terms of the License Agreement were previously described in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2016, which description is incorporated herein by reference. In addition, the above description of the License Agreement is qualified in its entirety by reference to the text of the agreement, which was filed as an exhibit to the Company’s quarterly report on Form 10-Q for the period ended June 30, 2016.
Other Material Relationships between the Company or its affiliates and REGENXBIO
Annapurna Therapeutics SAS (“Annapurna”), a subsidiary of the Company, is party to a separate license agreement with REGENXBIO to which Annapurna holds an exclusive worldwide license to certain intellectual property related to the Company’s Friedreich’s Ataxia (“FA”) program to make, have made, use, import, sell, and offer for sale licensed products using AAVrh10 for FA where the vector is administered by any route except directly to the central nervous system.
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). ADVERUM BIOTECHNOLOGIES, INC. (NASDAQ:ADVM) Recent Trading Information
ADVERUM BIOTECHNOLOGIES, INC. (NASDAQ:ADVM) closed its last trading session up +0.05 at 2.70 with 149,861 shares trading hands.