GlobeNewswire Inc | Aug 23, 2021 09:00AM EDT

August 23, 2021

REDWOOD CITY, Calif., Aug. 23, 2021 (GLOBE NEWSWIRE) -- Adverum Biotechnologies, Inc. (Nasdaq: ADVM), a clinical-stage gene therapy company targeting unmet medical needs in ocular and rare diseases, today announced that Jim Wang, Ph.D., has been appointed senior vice president, head of regulatory affairs. Reporting directly to Laurent Fischer, M.D., Adverums president and chief executive officer, Dr. Wang will lead regulatory strategies and execution for the companys product pipeline. He brings more than 17 years of global regulatory experience, including a decade in gene therapy that includes the submission and approval for LUXTURNA, thefirst gene therapy targeting a genetic diseasethat received regulatory approval in both the U.S. and EU.

Jim brings expansive knowledge, expertise, and insight into global regulatory strategy gained at some of the most well-respected companies in our industry, said Laurent Fischer, M.D., president and chief executive officer at Adverum Biotechnologies.From his early background as a bench scientist to leading regulatory approvals globally for numerous prescription drugs, including the U.S. and EU approvals of the first ocular gene therapy LUXTURNA,Jims leadership will be instrumental in moving forward with the best possible path for ADVM-022 in wet AMD and advancing our pipeline programs.

Laurent and the team share my passion for gene therapy research and development and have the scientific and ocular disease expertise to deliver potential transformative gene therapy treatments for patients, said Dr. Wang. Every drug has a unique benefit and risk profile, and I am inspired to work with this team on the regulatory strategy and path for ADVM-022 in wet AMD as well as for our novel pipeline gene therapy programs advancing toward the clinic.

Dr. Wang joins Adverum from PTC Therapeutics, where he served as vice president, global head of regulatory strategy, leading the planning and execution of worldwide regulatory activities across all therapeutic areas focusing on rare disease. He also provided oversight to a cross-functional team for the marketing application of the gene therapy product eladocagene exuparvovec. Previously, he worked with Spark Therapeutics, serving as vice president, head of regulatory affairs strategy. At Spark, he led the Agency interaction and BLA/MAA submission and approval for LUXTURNA, a gene therapy to treat children and adult patients with an inherited form of vision loss. In prior positions, he was executive director, global regulatory affairs at Shire Pharmaceutical (now Takeda); senior director at Novo Nordisk responsible for global health authority interaction and marketing applications for Saxenda; and director of CV, diabetes, and obesity at Bristol-Myers Squibb. Earlier, at Sanofi-Aventis, Dr. Wang served as associate director of CV, thrombosis, and CNS, and led the global regulatory efforts for a late-stage gene therapy product targeting peripheral artery disease. He began his career at Pfizer (formerly Wyeth Pharmaceuticals) as a scientist working in drug safety and metabolism.

Dr. Wang earned his Ph.D. in chemistry from the University of Illinois at Urbana-Champaign and an MBA from Pennsylvania State University.

Inducement GrantsOn August 23, 2021, the company granted Dr. Wang a stock option to purchase 375,000 shares of Adverums common stock pursuant to the inducement grant exception under Nasdaq Rule 5635(c)(4), as an inducement that is material to his entering into employment with Adverum. The option has a per share exercise price equal to the closing sales price of Adverums common stock on the Nasdaq Stock Market on the grant date, and will vest over four years, subject to his continued service with Adverum.

On August 23, 2021, the company granted Karina Nip, CPA, vice president, controller a stock option to purchase 100,000 shares of Adverums common stock pursuant to the inducement grant exception under Nasdaq Rule 5635(c)(4), as an inducement that is material to the employee entering into employment with Adverum. The option has a per share exercise price equal to the closing sales price of Adverums common stock on the Nasdaq Stock Market on the grant date, and will vest over four years, subject to her continued service with Adverum.

About Adverum BiotechnologiesAdverum Biotechnologies (Nasdaq: ADVM) is a clinical-stage gene therapy company targeting unmet medical needs in serious ocular and rare diseases. Adverum is evaluating its novel gene therapy candidate, ADVM-022, as a one-time, intravitreal injection for the treatment of patients with wet age-related macular degeneration. For more information, please visitwww.adverum.com.

Investor InquiriesAmy Figueroa, CFAVice President, Investor Relations and Corporate CommunicationsAdverumT: 650-649-1257

Media InquiriesAndrea CohenSam Brown Inc. T: 917-209-7163