Pre-market trading saw a notable spike in the shares of Adverum Biotechnologies, Inc. (NASDAQ: ADVM). Adverum stock saw a 6.76% climb to $3.00, carrying on the momentum from the previous session when it experienced a 12.40% jump, finishing at $2.81. The excellent results of a clinical study are responsible for this rising trend and the spike in the value of ADVM shares.
Early safety and effectiveness results from the LUNA Phase 2 study, which is now enrolling patients with wet age-related macular degeneration (AMD), have been made public by Adverum (ADVM) today. These findings, which were presented by Dr. Arshad Khanani at the Macula Society’s 47th Annual Meeting, are crucial since wet AMD is a common condition that causes blindness in people 65 years of age and beyond and calls for lifetime anti-VEGF injections.
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Adverum’s investigational therapy, Ixo-vec, aims to provide patients with a nearly injection-free management approach for wet AMD, potentially lasting years or even a lifetime. Initial results suggest promising efficacy, with over 90% of participants experiencing little to no inflammation under a proactive local prophylactic regimen.
Notably, these encouraging outcomes were observed in patients with a history of challenging treatment, underscoring the potential of Ixo-vec to outperform existing therapies. Building upon previous successes, Adverum is leveraging the LUNA trial to further refine dosing and prophylactic strategies, aiming to solidify the therapy’s long-term benefit-risk profile.
The company plans to share maturing data from the LUNA trial to inform pivotal studies and aims to present interim analysis at the 26-week mark in mid-2024. The prospect of achieving sustained disease control and reducing treatment burden with a single injection of Ixo-vec presents a paradigm shift in wet AMD management.
Adverum is poised to advance Ixo-vec into pivotal studies, potentially revolutionizing the treatment landscape for patients with wet AMD. Adverum’s recent positive clinical trial results have propelled its stock value, highlighting the potential of Ixo-vec to transform the treatment of wet AMD and offering hope for improved outcomes and quality of life for affected individuals.